HOLX closes higher for the 3rd day in a row
Hologic Inc. (HOLX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HOLX finished Thursday at 34.02 gaining $1.76 (5.46%), slightly underperforming the Nasdaq 100 (5.72%). Closing above Wednesday's high at 33.20, the share confirmed its breakout through the prior session high after trading up to $1.06 above it intraday.
Daily Candlestick Chart (HOLX as at Mar 26, 2020):
Thursday's trading range has been $1.76 (5.36%), that's below the last trading month's daily average range of $2.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for HOLX.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 32.50 earlier during the day, the market bounced off the key technical support level at 32.85 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Monday, HOLX gained 7.01% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Hologic. Out of 505 times, HOLX closed higher 59.41% 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 57.82% with an average market move of 0.83%.