HAS pushes through Monday's high
Hasbro Inc. (HAS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HAS ended the month 1.96% higher at 74.95 after gaining $1.16 (1.57%) today, slightly underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 73.79, the stock confirmed its breakout through the prior session high after trading up to $1.46 above it intraday.
Daily Candlestick Chart (HAS as at Jun 30, 2020):
Tuesday's trading range has been $2.85 (3.89%), that's slightly above the last trading month's daily average range of $2.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAS.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 75.25 during the day, the market found resistance at the 20-day moving average at 75.15. The last time this happened on May 22nd, HAS actually gained 8.80% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Hasbro. Out of 52 times, HAS closed higher 55.77% 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 59.62% with an average market move of 0.85%.