HAS finds buyers around 97.01 for the third day in a row
Hasbro Inc. (HAS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
HAS finished the week -2.04% lower at 97.71 after gaining $0.72 (0.74%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. 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 Feb 14, 2020):
Friday's trading range has been $1.77 (1.82%), that's slightly below the last trading month's daily average range of $2.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HAS. Prices continued to consolidate within a tight trading range between 96.77 and 100.08 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on Tuesday, HAS lost -1.90% on the following trading day.
Prices are trading close to the key technical support level at 96.19 (S1). Hasbro found buyers again today around 97.01 for the third trading day in a row after having found demand at 96.78 in the prior session and at 96.77 two days ago.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 102.52.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 96.77 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Hasbro. Out of 56 times, HAS closed higher 55.36% 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 57.14% with an average market move of 1.47%.