HAE breaks above 100-day moving average for the first time since May 4th
Haemonetics Corporation (HAE) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HAE finished the week 7.74% higher at 108.14 after gaining $1.69 (1.59%) today, strongly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing above Thursday's high at 107.36, Haemonetics confirmed its breakout through the prior session high after trading up to $1.68 above it intraday.
Daily Candlestick Chart (HAE as at May 22, 2020):
Friday's trading range has been $2.92 (2.73%), that's below the last trading month's daily average range of $3.95. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAE.
The share managed to close above the 100-day moving average at 107.28 for the first time since May 4th. When this moving average was crossed above the last time on April 22nd, HAE gained 3.58% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to May's high at 113.29, upside momentum might accelerate should the stock mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Haemonetics. Out of 46 times, HAE closed higher 54.35% 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 56.52% with an average market move of 0.55%.