HIMX still stuck within tight trading range

Himax Technologies, Inc. (HIMX) Technical Analysis Report for Sep 14, 2018

Highlights

HIMX finds buyers again around 6.06
HIMX still stuck within tight trading range
HIMX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 37% Bullish
Technical Forecast:

Overview

HIMX ended the week 2.16% higher at 6.14 after gaining $0.09 (1.49%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for HIMX

Volatility

Friday's trading range was $0.17 (2.81%), that's below last trading month's daily average range of $0.22. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 5.96 and 6.32 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 6.00. After having been unable to move lower than 6.05 in the previous session, the share found buyers again around the same price level today at 6.06.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 6.30 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 5.96 where further sell stops could get triggered. With prices trading close to this year's low at 5.70, downside momentum might accelerate should the market break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Himax Technologies, Inc.

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