APO drops to lowest close since December 13, 2019
Apollo Global Management LLC Class A Representing Class A Limitied Liability Company Interests (APO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, APO finished the week -3.48% lower at 45.71 after losing $0.08 (-0.17%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 45.71 marks the lowest recorded closing price since December 13, 2019. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (APO as at Feb 14, 2020):
Friday's trading range has been $0.56 (1.22%), that's below the last trading month's daily average range of $1.59. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for APO.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on Wednesday, APO lost -1.19% on the following trading day.
Although Apollo Global is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could speed up should prices move below the nearby swing low at 44.85 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Apollo Global. Out of 62 times, APO closed higher 59.68% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.45% with an average market move of 1.11%.