HBAN closes higher for the 3rd day in a row
Huntington Bancshares Incorporated (HBAN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HBAN ended Thursday at 8.50 gaining $0.86 (11.26%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 7.94, the share confirmed its breakout through the previous session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (HBAN as at Mar 26, 2020):
Thursday's trading range has been $1.16 (15.45%), that's above the last trading month's daily average range of $0.87. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for HBAN.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 7.96 (now S1), which is likely to act as support going forward. The last time this happened on March 13th, HBAN actually lost -11.26% on the following trading day.
Although the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Huntington Bancshares. Out of 155 times, HBAN closed higher 56.13% 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 54.84% with an average market move of 0.23%.