HHC pushes through Wednesday's high
The Howard Hughes Corporation (HHC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HHC ended Thursday at 53.50 edging higher $1.67 (3.22%), significantly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 52.62, the stock confirmed its breakout through the previous session high after trading up to $1.74 above it intraday.
Daily Candlestick Chart (HHC as at Mar 26, 2020):
Thursday's trading range has been $5.22 (10.4%), that's below the last trading month's daily average range of $6.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for HHC.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for The Howard. Out of 566 times, HHC closed higher 54.95% 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 two trading days, showing a win rate of 53.89% with an average market move of 0.08%.