FHB pops to highest close since May 7th
First Hawaiian Inc. (FHB) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
FHB ended the week 7.49% higher at 27.56 after gaining $0.31 (1.14%) today, notably outperforming the S&P 500 (-0.07%). Today's close at 27.56 marks the highest recorded closing price since May 7th. Closing above Thursday's high at 27.47, the stock confirmed its breakout through the prior session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (FHB as at Sep 13, 2019):
Friday's trading range has been $0.35 (1.28%), that's below the last trading month's daily average range of $0.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FHB.
After trading down to 27.41 earlier during the day, the share bounced off the key technical support level at 27.43 (S1). The failure to close below the support might increase that levels significance as support going forward.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 25.73 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on Monday, FHB gained 1.93% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 28.20, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for First Hawaiian. Out of 213 times, FHB closed lower 54.46% of the time on the next trading day after the market condition occurred.