HAE pushes through Thursday's high
Haemonetics Corporation (HAE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HAE ended the week 0.68% higher at 120.82 after gaining $1.11 (0.93%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.97 lower after the open, Haemonetics managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, HAE actually lost -1.36% on the following trading day. Closing above Thursday's high at 120.33, the share confirmed its breakout through the previous session high after trading up to $0.91 above it intraday.
Daily Candlestick Chart (HAE as at Feb 14, 2020):
Friday's trading range has been $2.40 (2.0%), that's below the last trading month's daily average range of $3.42. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for HAE. Prices continued to consolidate within a tight trading range between 116.97 and 121.24 where it has been caught now for the whole last trading week.
Unable to break through the key technical resistance level at 120.83 (R1), the stock closed below it after spiking up to 121.24 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Haemonetics. Out of 458 times, HAE closed higher 55.90% 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 60.70% with an average market move of 1.12%.