HCA closes higher for the 5th day in a row
HCA Healthcare Inc. (HCA) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, HCA finished the week 6.1% higher at 132.35 after gaining $0.58 (0.44%) today, slightly underperforming the S&P 500 (0.5%). Trading $0.76 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 8th, HCA actually gained 0.92% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HCA as at Mar 15, 2019):
Friday's trading range has been $1.18 (0.89%), that's far below the last trading month's daily average range of $2.74. 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 higher than usual for HCA.
Prices are trading close to the key technical resistance level at 133.81 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HCA Healthcare. Out of 40 times, HCA closed lower 55.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 55.00% with an average market move of -0.18%.