HFC ends the day indecisive
HollyFrontier Corporation (HFC) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HFC finished the week 0.58% higher at 53.89 after gaining $0.72 (1.35%) today, slightly outperforming the S&P 500 (1.09%). Today's close at 53.89 marks the highest recorded closing price since February 25th. Trading $0.67 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. 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 Oct 11, 2019):
Friday's trading range has been $0.76 (1.41%), that's below the last trading month's daily average range of $1.28. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for HFC.
Five candlestick patterns are matching today's price action, the Bearish Doji Star, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Bearish Doji Star showed up on June 12, 2017, HFC actually gained 2.44% on the following trading day.
Prices are trading close to the key technical support level at 53.75 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for HollyFrontier. Out of 48 times, HFC closed higher 52.08% 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 60.42% with an average market move of 1.48%.