HCA still stuck within tight trading range
HCA Healthcare Inc. (HCA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HCA ended the month -9.2% lower at 97.06 after gaining $0.86 (0.89%) today on low volume, underperforming the S&P 500 (1.54%). Trading up to $2.44 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 96.22, the market confirmed its breakout through the previous session high after trading up to $1.40 above it intraday.
Daily Candlestick Chart (HCA as at Jun 30, 2020):
Tuesday's trading range has been $3.86 (4.01%), that's below the last trading month's daily average range of $5.05. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HCA. Prices continued to consolidate within a tight trading range between 91.21 and 97.87 where it has been caught now for the whole last trading week.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 101.48 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for HCA Healthcare. Out of 428 times, HCA closed higher 51.17% 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 57.01% with an average market move of 0.78%.