HHFA.DE closes higher for the 9th day in a row
Hamburger Hafen und Logistik (HHFA.DE) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 9th day in a row, HHFA.DE ended the week 5.02% higher at 19.04 after edging higher €0.03 (0.16%) today on high volume, outperforming the SDAX (-0.48%). Today's close at 19.04 marks the highest recorded closing price since December 4, 2018. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HHFA.DE as at Jan 11, 2019):
Friday's trading range has been €0.59 (3.13%), that's above the last trading month's daily average range of €0.50. 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 HHFA.DE.
One bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on August 22, 2018, HHFA.DE actually gained 8.38% on the following trading day.
Prices are trading close to the key technical support level at 18.88 (S1). After spiking up to 19.40 during the day, Hamburger Hafen found resistance at the 100-day moving average at 19.34. The share found buyers again today around 18.81 for the third trading day in a row after having found demand at 18.72 in the prior session and at 18.72 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test December's close-by high at 19.86.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "9 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Hamburger Hafen. Out of 1 times, HHFA.DE closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 100.00% with an average market move of -0.60%.