HIMX closes within prior day's range
Himax Technologies Inc. (HIMX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HIMX ended Wednesday at 3.79 losing $0.06 (-1.56%), notably underperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HIMX as at Sep 16, 2020):
Wednesday's trading range has been $0.16 (4.12%), that's slightly above the last trading month's daily average range of $0.15. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HIMX.
One bearish candlestick pattern matches today's price action, the Black Candle.
Himax Technologies closed back below the 50-day moving average at 3.84. When this moving average was crossed below the last time on August 27th, HIMX actually gained 2.70% on the following trading day.
Though 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 Support/Resistance based market condition "Bearish Break through SMA 50" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Himax Technologies. Out of 64 times, HIMX closed higher 54.69% 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 50.00% with an average market move of 1.48%.