HBAN finds buyers again around 14.55
Huntington Bancshares Incorporated (HBAN) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
HBAN ended the week 2.66% higher at 14.67 after losing $0.06 (-0.41%) today, but still outperforming the S&P 500 (-0.92%). Trading $0.14 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 2nd, HBAN actually gained 0.56% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (HBAN as at Nov 09, 2018):
Friday's trading range has been $0.29 (1.97%), that's below the last trading month's daily average range of $0.42. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for HBAN.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Unable to break through the key technical resistance level at 14.79 (R1), the share closed below it after spiking up to 14.84 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move lower than 14.56 in the prior session, Huntington Bancshares found buyers again around the same price level today at 14.55.
Though the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the nearby swing high at 14.86 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Huntington Bancshares. Out of 358 times, HBAN closed higher 51.96% 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 62.01% with an average market move of 1.90%.