HJLI slips to lowest close ever
Hancock Jaffe Laboratories Inc. (HJLI) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, HJLI ended Tuesday at 1.15 losing $0.12 (-9.45%) on high volume, strongly underperforming the S&P 500 (-0.03%). Today's close at 1.15 marks the lowest recorded closing price ever. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 1.22, the stock confirmed its breakout through the previous session low after trading up to $0.09 below it intraday.
Daily Candlestick Chart (HJLI as at Jun 11, 2019):
Tuesday's trading range has been $0.18 (14.06%), that's slightly above the last trading month's daily average range of $0.16. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for HJLI.
One bearish candlestick pattern matches today's price action, the Black Candle.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 1.80.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Its common bearish interpretation has been confirmed for Hancock Jaffe. Out of 45 times, HJLI closed lower 55.56% 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 10 trading days, showing a win rate of 64.44% with an average market move of -3.27%.