HAS closes lower for the 2nd day in a row
Hasbro Inc. (HAS) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HAS finished the week 2.92% higher at 66.69 after losing $2.11 (-3.07%) today, significantly underperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 67.42, the share confirmed its breakout through the previous session low after trading up to $0.94 below it intraday.
Daily Candlestick Chart (HAS as at May 22, 2020):
Friday's trading range has been $2.20 (3.2%), that's below the last trading month's daily average range of $2.68. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HAS.
One bearish candlestick pattern matches today's price action, the Black Candle.
The stock closed back below the 50-day moving average at 67.25 for the first time since May 15th. When this moving average was crossed below the last time on May 12th, HAS lost -4.12% on the following trading day. After having been unable to move above 68.97 in the prior session, Hasbro ran into sellers again around the same price level today, failing to move higher than 68.68.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 69.33 where further buy stops might get triggered. As prices are trading close to May's high at 70.98, upside momentum could speed up should HAS mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Hasbro. Out of 449 times, HAS closed higher 55.23% 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 56.35% with an average market move of 0.38%.