HFC closes lower for the 2nd day in a row
HollyFrontier Corporation (HFC) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HFC finished the week -0.46% lower at 43.32 after losing $0.26 (-0.6%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 43.44, the stock confirmed its breakout through the previous session low after trading up to $0.93 below it intraday.
Daily Candlestick Chart (HFC as at Feb 14, 2020):
Friday's trading range has been $1.49 (3.4%), that's slightly above the last trading month's daily average range of $1.39. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HFC.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 42.09, downside momentum might accelerate should HollyFrontier break out to new lows for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for HollyFrontier. Out of 450 times, HFC closed higher 52.89% 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 51.56% with an average market move of 0.46%.