FHB closes lower for the 2nd day in a row
First Hawaiian Inc. (FHB) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FHB finished the week -0.12% lower at 25.65 after losing $0.05 (-0.19%) today on low volume, slightly underperforming the S&P 500 (-0.16%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FHB as at Jun 14, 2019):
Friday's trading range has been $0.37 (1.44%), that's below the last trading month's daily average range of $0.49. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FHB.
One bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on March 4th, FHB actually lost -0.48% on the following trading day.
After trading down to 25.40 earlier during the day, First Hawaiian bounced off the key technical support level at 25.52 (S1). The failure to close below the support could increase that levels significance as support going forward.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might accelerate should prices move above the close-by swing high at 26.06 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for First Hawaiian. Out of 30 times, FHB closed lower 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.00% with an average market move of -0.67%.