HBI slumps, loses $0.90 (-4.27%) within a single day
Hanesbrands Inc (HBI) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
HBI ended Thursday at 20.17 tanking $0.90 (-4.27%). This is the biggest single day loss in over four months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 20.87, the share confirms its breakout through the previous session's low having traded $0.80 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (HBI as at Jun 14, 2018):
Thursday's trading range was $1.06 (5.02%), that's far above last trading month's daily average range of $0.46. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.
Regardless of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
After having been unable to move above 21.18 in the previous session, Hanesbrands Inc ran into sellers again around the same price level today, failing to move higher than 21.13.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market broke below the 200-day moving average at 20.72 today for the first time since January 30th.