HST finds buyers again around 16.83
Host Hotels & Resorts Inc. (HST) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
HST finished the week 1.26% higher at 16.91 after edging higher $0.04 (0.24%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HST as at Feb 14, 2020):
Friday's trading range has been $0.13 (0.77%), that's far below the last trading month's daily average range of $0.30. 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 HST.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on February 3rd, HST actually gained 3.00% on the following trading day.
Prices are trading close to the key technical support level at 16.77 (S1). After having been unable to move lower than 16.86 in the previous session, the market found buyers again around the same price level today at 16.83.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Host Hotels. Out of 214 times, HST closed higher 50.93% 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 four trading days, showing a win rate of 54.67% with an average market move of 0.01%.