HLT pushes through Tuesday's high
Hilton Worldwide Holdings Inc. (HLT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HLT ended Wednesday at 94.03 gaining $2.09 (2.27%) on high volume, significantly outperforming the S&P 500 (-0.46%). Today's close at 94.03 marks the highest recorded closing price since March 4th. Closing above Tuesday's high at 93.78, the market confirmed its breakout through the prior session high after trading up to $1.30 above it intraday.
Daily Candlestick Chart (HLT as at Sep 16, 2020):
Wednesday's trading range has been $3.44 (3.72%), that's above the last trading month's daily average range of $2.65. 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 HLT.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on September 8th, HLT actually lost -1.64% on the following trading day.
Buyers managed to take out the key technical resistance level at 93.14 (now S1), which is likely to act as support going forward. After having been unable to move lower than 91.79 in the previous session, the share found buyers again around the same price level today at 91.64.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Hilton Worldwide. Out of 164 times, HLT closed higher 54.88% 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 56.10% with an average market move of 0.55%.