HLT closes above its opening price after recovering from early selling pressure
Hilton Worldwide Holdings Inc. (HLT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
HLT ended the week 2.16% higher at 113.23 after edging higher $0.27 (0.24%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.96 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (HLT as at Feb 14, 2020):
Friday's trading range has been $1.50 (1.33%), that's below the last trading month's daily average range of $2.40. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HLT.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 111.62 (S1). After having been unable to move above 113.54 in the prior session, Hilton Worldwide ran into sellers again around the same price level today, missing to move higher than 113.63. The last time this happened on Wednesday, HLT lost -0.65% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 115.48 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 111.17 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Hilton Worldwide. Out of 475 times, HLT closed higher 52.00% 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 58.95% with an average market move of 0.78%.