Chart of the Day

AMP Limited: under pressure.
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Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Pivot: 5.48
Our preference: short positions below 5.48 with targets @ 4.90 & 4.73 in extension.
Alternative scenario: above 5.48 look for further upside with 5.70 & 5.95 as targets.
Comment: The stock recorded a succession of lower tops and lower bottoms since April 2016. The declining 50-day moving average is playing a resistance role and maintains the downside bias. Additionally, 5.48 represents a significant key resistance level, which should limit the upside potential.

In order to leverage this directional view we have selected the following product :

The Chart of the Day belongs to America Homes 4 Rent (AMH).  I found the single residence REIT by using Barchart to sort today's All Time High list first for the most frequent number of new highs this month, then again for technical buy signals of 80% or more.  I always use the Flipchart feature to review the charts.

American Homes 4 Rent is an internally managed real estate investment trust. It is focused on acquiring, renovating, leasing, and operating single-family homes as rental properties. It rents residential properties primarily in Arizona, California, Florida, Georgia, and Nevada. American Homes 4 Rent is based in Malibu, California.
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The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:
- 96% technical buy signals
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
-6 new highs and up 16.19% in the last month
- Relative Strength Index 82.15%
- Technical support level at 20.36
- Recently traded at 20.75 with a 50 day moving average of 18.03

Fundamental factors:
- Market Cap $5.02 billion
- Dividend yield .97%
- Revenue expected to grow 36.40% this year and another 8.40% next year
- Earnings estimated to increase 29.20% this year, an additional 14.00% next year and continue to compound at an annual rate of 8.00% for the next 5 years
- Wall Street analysts issued 3 strong buy, 1 buy and 5 hold recommendation on the stock