HLT runs into sellers again around 73.94
Hilton Worldwide Holdings Inc. (HLT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
HLT ended the month -7.39% lower at 73.45 after losing $0.47 (-0.64%) today, notably underperforming the S&P 500 (1.54%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HLT as at Jun 30, 2020):
Tuesday's trading range has been $1.92 (2.61%), that's far below the last trading month's daily average range of $3.40. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HLT.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical resistance level at 74.03 (R1). After having been unable to move above 73.92 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 73.94. The last time this happened on June 26th, HLT actually gained 3.88% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the nearby swing high at 76.95 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 69.83 where further sell stops could get triggered.
Among the four 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 502 times, HLT closed higher 51.59% 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 57.97% with an average market move of 0.76%.