BOH closes within previous day's range after lackluster session
Bank of Hawaii Corporation (BOH) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
BOH ended the week 8.15% higher at 61.07 after losing $0.71 (-1.15%) today, strongly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BOH as at May 22, 2020):
Friday's trading range has been $1.35 (2.19%), that's far below the last trading month's daily average range of $2.65. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BOH. Prices continued to consolidate within a tight trading range between 58.06 and 62.39 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the share closed lower but above the previous day's open today, forming a bearish Harami Candle. 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 Tuesday, BOH actually gained 4.89% on the following trading day.
Prices are trading close to the key technical resistance level at 62.39 (R1). After having been unable to move lower than 60.65 in the prior session, the stock found buyers again around the same price level today at 60.81.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the nearby swing high at 62.39 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 58.06 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Bank of. Out of 705 times, BOH closed higher 55.74% 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 58.72% with an average market move of 0.46%.