HIMX pushes through Wednesday's high
Himax Technologies Inc. (HIMX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HIMX ended Thursday at 2.85 gaining $0.10 (3.64%), strongly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 2.82, the share confirmed its breakout through the previous session high after trading up to $0.09 above it intraday.
Daily Candlestick Chart (HIMX as at Mar 26, 2020):
Thursday's trading range has been $0.18 (6.45%), that's far below the last trading month's daily average range of $0.30. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HIMX.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Himax Technologies. Out of 132 times, HIMX closed lower 56.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after six trading days, showing a win rate of 60.61% with an average market move of -0.55%.