HII closes within previous day's range
Huntington Ingalls Industries Inc. (HII) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
HII finished the week 1.43% higher at 223.65 after gaining $3.59 (1.63%) today, strongly outperforming the S&P 500 (-0.92%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HII as at Nov 09, 2018):
Friday's trading range has been $10.20 (4.7%), that's slightly above the last trading month's daily average range of $7.80. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HII.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 227.43 (R1). After having been unable to move lower than 214.32 in the prior session, the share found buyers again around the same price level today at 214.25. The last time this happened on Monday, HII gained 0.76% on the following trading day.
Huntington Ingalls shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the four 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 Huntington Ingalls. Out of 445 times, HII closed higher 54.16% 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 57.98% with an average market move of 1.20%.