HIG closes within previous day's range after lackluster session
Hartford Financial Services Group Inc. (HIG) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
HIG ended the week 11.25% higher at 36.99 after edging lower $0.12 (-0.32%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HIG as at May 22, 2020):
Friday's trading range has been $1.23 (3.3%), that's below the last trading month's daily average range of $1.78. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HIG.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on April 24th, HIG actually gained 5.52% on the following trading day.
While the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.