APO finds buyers again around 49.27
Apollo Global Management LLC Class A Representing Class A Limitied Liability Company Interests (APO) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
APO finished Thursday at 49.91 edging lower $0.25 (-0.5%), underperforming the S&P 500 (0.45%) ahead of tomorrow's Independence Day OBS market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (APO as at Jul 02, 2020):
Thursday's trading range has been $2.03 (3.97%), that's slightly below the last trading month's daily average range of $2.37. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for APO.
Despite a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical resistance level at 51.68 (R1). After having been unable to move lower than 48.92 in the prior session, the market found buyers again around the same price level today at 49.27. The last time this happened on Monday, APO gained 4.26% on the following trading day.
While 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.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Apollo Global. Out of 501 times, APO closed higher 51.90% 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 54.09% with an average market move of 1.12%.