HEAR pops to highest close since February 19th
Turtle Beach Corporation (HEAR) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HEAR finished Thursday at 16.25 gaining $0.31 (1.94%) on high volume, strongly outperforming the S&P 500 (-0.09%). Today's close at 16.25 marks the highest recorded closing price since February 19th. Trading up to $0.39 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 8th, HEAR gained 3.56% 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 (HEAR as at Mar 14, 2019):
Thursday's trading range has been $1.04 (6.48%), that's slightly above the last trading month's daily average range of $0.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HEAR.
Three candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.
Turtle Beach managed to close above the 20-day moving average at 16.03 for the first time since February 26th. After spiking up to 16.70 during the day, the share found resistance at the 100-day moving average at 16.27.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might accelerate should prices move below the close-by swing low at 15.51 where further sell stops could get triggered. As prices are trading close to March's low at 14.82, downside momentum might speed up should the market mark new lows for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Turtle Beach. Out of 229 times, HEAR closed lower 61.14% 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 eight trading days, showing a win rate of 56.33% with an average market move of 0.33%.