HE closes lower for the 2nd day in a row
Hawaiian Electric Industries Inc. (HE) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HE finished the week 3.21% higher at 37.27 after losing $0.27 (-0.72%) today on low volume, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday.
Daily Candlestick Chart (HE as at May 22, 2020):
Friday's trading range has been $0.38 (1.02%), that's far below the last trading month's daily average range of $1.22. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HE.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern. The last time a Bullish Hikkake Pattern showed up on April 15th, HE actually lost -0.02% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 38.50 where further buy stops could get activated. As prices are trading close to May's high at 39.17, upside momentum might accelerate should the share mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Hawaiian Electric. Out of 50 times, HE closed higher 56.00% 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 68.00% with an average market move of 1.51%.