HAIN rises to highest close since March 19, 2018
The Hain Celestial Group Inc. (HAIN) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HAIN ended the month 7.84% higher at 33.98 after edging higher $0.03 (0.09%) today, underperforming the S&P 500 (0.77%). Today's close at 33.98 marks the highest recorded closing price since March 19, 2018. Trading $0.44 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HAIN as at Jul 31, 2020):
Friday's trading range has been $1.14 (3.35%), that's far above the last trading month's daily average range of $0.81. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HAIN.
Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Northern Doji showed up on July 15th, HAIN actually gained 0.81% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 33.16 where further sell stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Rickshaw-Man" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for The Hain. Out of 26 times, HAIN closed lower 53.85% of the time on the next trading day after the market condition occurred.