HAS finds buyers again around 96.79
Hasbro Inc. (HAS) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
HAS ended the week -3.52% lower at 97.15 after losing $1.13 (-1.15%) today, slightly underperforming the Nasdaq 100 (-1.01%). Trading $1.05 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HAS as at May 17, 2019):
Friday's trading range has been $2.10 (2.15%), that's slightly below the last trading month's daily average range of $2.26. 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 HAS. Prices continued to consolidate within a tight trading range between 95.74 and 98.89 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
Prices are trading close to the key technical support level at 95.74 (S1). After having been unable to move lower than 97.10 in the prior session, the share found buyers again around the same price level today at 96.79. The last time this happened on Wednesday, HAS gained 0.90% on the following trading day.
Though Hasbro is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might accelerate should prices move below the nearby swing low at 95.74 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Hasbro. Out of 487 times, HAS closed higher 55.44% 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 59.34% with an average market move of 0.88%.