HIMX climbs to highest close since March 4th
Himax Technologies Inc. (HIMX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
HIMX finished the month 39.39% higher at 4.14 after surging $0.88 (26.99%) today on high volume, significantly outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over two years. Today's close at 4.14 marks the highest recorded closing price since March 4th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (HIMX as at Jun 30, 2020):
Tuesday's trading range has been $0.89 (25.36%), that's far above the last trading month's daily average range of $0.21. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HIMX.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 100-day moving average at 3.41 for the first time since June 8th. When this moving average was crossed above the last time on June 8th, HIMX actually lost -8.59% on the following trading day.
Crossing above the upper Bollinger Band for the first time since June 8th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 3.37 or signal the beginning of a strong momentum breakout leading to even higher prices.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Himax Technologies. Out of 53 times, HIMX closed higher 58.49% 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 62.26% with an average market move of 4.71%.