HRS runs into sellers around 185.73 for the third day in a row
Harris Corporation (HRS) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
HRS ended the week 1.07% higher at 183.65 after losing $0.73 (-0.4%) today, but still slightly outperforming the S&P 500 (-0.58%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HRS as at May 17, 2019):
Friday's trading range has been $3.06 (1.67%), that's slightly below the last trading month's daily average range of $3.30. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HRS.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Harris ran into sellers again today around 185.73 for the third trading day in a row after having found sellers at 185.24 in the prior session and at 185.18 two days ago. The last time this happened on April 18th, HRS lost -0.48% on the following trading day.
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 OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for Harris. Out of 116 times, HRS closed higher 54.31% 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 66.38% with an average market move of 1.90%.