HBI finds buyers at key support level

Hanesbrands Inc (HBI) Technical Analysis Report for Sep 14, 2018

Highlights

HBI closes above its opening price after recovering from early selling pressure
HBI finds buyers at key support level
HBI ends the day on a bullish note closing near the high of the day
HBI closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 66% Bullish
Technical Forecast:

Overview

HBI ended the week 0.51% higher at 17.69 after gaining $0.12 (0.68%) today on low volume. Trading up to $0.15 lower after the open, Hanesbrands Inc managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for HBI

Volatility

Friday's trading range was $0.30 (1.71%), that's below last trading month's daily average range of $0.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

After trading as low as 17.43 during the day, the share bounced off the key support level at 17.44. The failure to close below the support might increase that levels importance as support going forward.

Trend

Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might speed up should prices move above the nearby swing high at 17.97 where further buy stops could get triggered. Further selling might move prices lower should the market test August's close-by low at 17.33.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Hanesbrands Inc

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Higher Closes TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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