HA still stuck within tight trading range
Hawaiian Holdings Inc. (HA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
HA ended the month -2.7% lower at 14.04 after losing $0.23 (-1.61%) today on low volume, notably underperforming the S&P 500 (1.54%). 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 (HA as at Jun 30, 2020):
Tuesday's trading range has been $0.52 (3.67%), that's far below the last trading month's daily average range of $1.48. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HA. Prices continued to consolidate within a tight trading range between 13.01 and 14.55 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 14.55 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 14.55 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 13.01 where further sell stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Hawaiian Holdings. Out of 732 times, HA closed higher 48.91% 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 50.82% with an average market move of 0.90%.