HBAN breaks below Thursday's low


Huntington Bancshares Incorporated (HBAN) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

HBAN breaks back below 50-day moving average
HBAN closes lower for the 2nd day in a row
HBAN breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, HBAN finished the week 7.86% higher at 8.10 after edging lower $0.07 (-0.86%) today on low volume, significantly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 8.12, the stock confirmed its breakout through the prior session low after trading up to $0.16 below it intraday.

Daily Candlestick Chart (HBAN as at May 22, 2020):

Daily technical analysis candlestick chart for Huntington Bancshares Incorporated (HBAN) as at May 22, 2020

Friday's trading range has been $0.31 (3.77%), that's below the last trading month's daily average range of $0.45. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HBAN.

In spite of a strong opening Huntington Bancshares closed below the previous day's open and close, forming a bearish Engulfing Candle.

Prices are trading close to the key technical support level at 7.86 (S1). The share closed back below the 50-day moving average at 8.13. When this moving average was crossed below the last time on Tuesday, HBAN actually gained 4.19% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 8.38 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 7.86 where further sell stops might get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Huntington Bancshares. Out of 375 times, HBAN closed higher 53.87% 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 56.00% with an average market move of 0.56%.


Market Conditions for HBAN as at May 22, 2020

Loading Market Conditions for HBAN (Huntington Bancshares Incorporated)...
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