HIIQ closes within previous day's range after lackluster session
Health Insurance Innovations Inc. (HIIQ) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
HIIQ ended the week -12.15% lower at 22.99 after gaining $0.48 (2.13%) today, strongly outperforming the S&P 500 (0.46%). 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 (HIIQ as at Jul 12, 2019):
Friday's trading range has been $0.94 (4.16%), that's below the last trading month's daily average range of $1.45. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HIIQ.
Prices are trading close to the key technical support level at 22.35 (S1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 25.27. The last time this happened on May 14th, HIIQ gained 9.84% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the nearby swing low at 22.12 where further sell stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Health Insurance. Out of 524 times, HIIQ closed higher 49.05% 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 54.01% with an average market move of 2.63%.