HIIQ drops to lowest close since May 14th
Health Insurance Innovations Inc. (HIIQ) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HIIQ ended Tuesday at 21.69 losing $0.35 (-1.59%), strongly underperforming the S&P 500 (-0.34%). Today's close at 21.69 marks the lowest recorded closing price since May 14th. Closing below Monday's low at 21.82, Health Insurance confirmed its breakout through the prior session low after trading up to $0.62 below it intraday.
Daily Candlestick Chart (HIIQ as at Jul 16, 2019):
Tuesday's trading range has been $1.03 (4.68%), that's below the last trading month's daily average range of $1.38. Weekly volatility is also lower, being slightly below 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 resistance level at 22.35 (R1).
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 24.75. The last time this happened on July 12th, HIIQ actually lost -4.13% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Health Insurance. Out of 208 times, HIIQ closed higher 51.92% 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 53.37% with an average market move of 1.63%.