HFC closes higher for the 2nd day in a row
HollyFrontier Corporation (HFC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HFC ended the month -7.15% lower at 29.20 after gaining $0.75 (2.64%) today, significantly outperforming the S&P 500 (1.54%). Closing above Monday's high at 29.15, the stock confirmed its breakout through the prior session high after trading up to $0.27 above it intraday.
Daily Candlestick Chart (HFC as at Jun 30, 2020):
Tuesday's trading range has been $2.46 (8.92%), that's far above the last trading month's daily average range of $1.71. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HFC.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on June 15th, HFC gained 3.88% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
HollyFrontier shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Its common bullish interpretation has been confirmed for HollyFrontier. Out of 57 times, HFC closed higher 57.89% of the time on the next trading day after the market condition occurred.