HLT closes lower for the 2nd day in a row
Hilton Worldwide Holdings Inc. (HLT) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HLT finished the month 2.18% higher at 75.05 after losing $1.09 (-1.43%) today on high volume, notably underperforming the S&P 500 (0.77%). Closing below Thursday's low at 75.38, Hilton Worldwide confirmed its breakout through the previous session low after trading up to $1.36 below it intraday.
Daily Candlestick Chart (HLT as at Jul 31, 2020):
Friday's trading range has been $1.74 (2.3%), that's slightly below the last trading month's daily average range of $2.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HLT.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
As prices are trading close to July's low at 71.86, downside momentum could speed up should the market mark new lows for the month.
Among the two 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. While it is usually interpreted as bearish, it has actually shown to be bullish for Hilton Worldwide. Out of 276 times, HLT closed higher 51.45% 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 63.41% with an average market move of 1.04%.