HAS closes above its opening price after recovering from early selling pressure
Hasbro Inc. (HAS) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, HAS finished the week 5.02% higher at 92.00 after surging $2.18 (2.43%) today on high volume, significantly outperforming the Nasdaq 100 (0.25%) ahead of Monday's earnings report. Today's close at 92.00 marks the highest recorded closing price since February 20th. Trading up to $0.95 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HAS as at Oct 23, 2020):
HAS is set to report earnings before tomorrow's market open. For the upcoming report, analysts expect the company to have earned $1.65 per share. The company's last earnings report was released on July 27, 2020, when Hasbro Inc. reported earnings of $0.02 per share missing market expectations by -89.5%.
Friday's trading range has been $1.94 (2.11%), that's below the last trading month's daily average range of $2.31. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HAS.
Five candlestick patterns are matching today's price action, the Bearish Doji Star and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on September 15th, HAS gained 1.42% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Doji Star" stand out. Its common bearish interpretation has been confirmed for Hasbro. Out of 7 times, HAS closed lower 71.43% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 85.71% with an average market move of -1.45%.