HBAN runs into sellers again around 9.12
Huntington Bancshares Incorporated (HBAN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HBAN ended the month 1.69% higher at 9.04 after gaining $0.17 (1.92%) today on high volume, slightly outperforming the S&P 500 (1.54%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HBAN as at Jun 30, 2020):
Tuesday's trading range has been $0.46 (5.26%), that's slightly below the last trading month's daily average range of $0.53. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HBAN.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, HBAN actually lost -11.02% on the following trading day.
After having been unable to move above 9.11 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 9.12.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Huntington Bancshares. Out of 618 times, HBAN closed higher 49.84% 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 57.44% with an average market move of 0.46%.