HBH.DE closes lower for the 2nd day in a row
Hornbach Holding (HBH.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HBH.DE ended Wednesday at 45.10 losing €0.30 (-0.66%) on low volume, significantly underperforming the SDAX (0.67%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HBH.DE as at Feb 13, 2019):
Wednesday's trading range has been €0.45 (1.0%), that's far below the last trading month's daily average range of €0.90. 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 lower than usual for HBH.DE.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 5th, HBH.DE gained 2.87% on the following trading day.
Prices are trading close to the key technical support level at 44.60 (S1). Hornbach Holding closed back below the 50-day moving average at 45.10.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 45.90 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 44.55 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Hornbach Holding. Out of 149 times, HBH.DE closed higher 57.72% 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 51.01% with an average market move of 0.23%.