HFC runs into sellers again around 74.08
HollyFrontier Corporation (HFC) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
HFC finished Thursday at 72.96 edging lower $0.09 (-0.12%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HFC as at Jun 14, 2018):
Thursday's trading range was $2.16 (2.94%), that's below last trading month's daily average range of $2.84. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 71.90. After having been unable to move above 74.12 in the prior session, Hollyfrontier Corp ran into sellers again around the same price level today, failing to move higher than 74.08.
While the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Selling might accelerate should prices move below the close-by swing low at 70.83 where further sell stops could get activated.