AVT closes above its opening price after recovering from early selling pressure
Avnet Inc. (AVT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AVT finished Thursday at 26.87 gaining $1.69 (6.71%) on low volume, slightly outperforming the S&P 500 (6.24%). Trading up to $0.86 lower after the open, Avnet managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 17th, AVT actually lost -20.04% on the following trading day. Closing above Wednesday's high at 26.35, the stock confirmed its breakout through the previous session high after trading up to $0.69 above it intraday.
Daily Candlestick Chart (AVT as at Mar 26, 2020):
Thursday's trading range has been $2.28 (8.9%), that's slightly below the last trading month's daily average range of $2.29. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AVT.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 20-day moving average at 26.70 for the first time since January 13th.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Avnet. Out of 492 times, AVT closed higher 54.07% of the time on the next trading day after the market condition occurred.