HFC pushes through Tuesday's high
HollyFrontier Corporation (HFC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HFC finished Wednesday at 22.52 gaining $0.83 (3.83%), significantly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 21.94, HollyFrontier confirmed its breakout through the previous session high after trading up to $1.07 above it intraday.
Daily Candlestick Chart (HFC as at Sep 16, 2020):
Wednesday's trading range has been $1.48 (6.8%), that's far above the last trading month's daily average range of $1.11. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HFC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, HFC actually lost -0.09% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for HollyFrontier. Out of 604 times, HFC closed higher 51.32% 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 55.30% with an average market move of 1.02%.