ATR closes above its opening price after recovering from early selling pressure
AptarGroup Inc. (ATR) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
ATR finished Monday at 111.42 edging higher $0.03 (0.03%), slightly underperforming the S&P 500 (0.38%). Trading up to $0.68 lower after the open, AptarGroup managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ATR as at Jun 01, 2020):
Monday's trading range has been $1.28 (1.15%), that's far below the last trading month's daily average range of $2.06. 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 ATR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on May 22nd, ATR gained 4.23% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 113.33 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 109.71 where further sell stops might get triggered. Trading close to April's high at 114.66 we could see further upside momentum if potential buy stops at the level get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for AptarGroup. Out of 710 times, ATR closed higher 54.51% 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 59.15% with an average market move of 0.56%.