HAS closes lower for the 2nd day in a row
Hasbro Inc. (HAS) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HAS ended the week -0.99% lower at 97.32 after losing $1.08 (-1.1%) today, but still outperforming the Nasdaq 100 (-1.67%).
Daily Candlestick Chart (HAS as at Nov 09, 2018):
Friday's trading range has been $2.23 (2.27%), that's below the last trading month's daily average range of $2.86. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HAS.
After trading down to 96.70 earlier during the day, the stock bounced off the key technical support level at 96.87 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Monday, HAS gained 0.98% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Hasbro. Out of 311 times, HAS closed higher 53.38% 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 56.27% with an average market move of 0.91%.