HST finds buyers again around 11.78
Host Hotels & Resorts Inc. (HST) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HST ended Wednesday at 12.06 edging higher $0.04 (0.33%) on high volume, outperforming the S&P 500 (-0.46%). Today's close at 12.06 marks the highest recorded closing price since June 18th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HST as at Sep 16, 2020):
Wednesday's trading range has been $0.40 (3.3%), that's slightly above the last trading month's daily average range of $0.39. 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 HST.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Hanging Man which are both known as bearish patterns. The last time a Bearish Spinning Top showed up on August 6th, HST actually gained 6.88% on the following trading day.
Prices are trading close to the key technical resistance level at 12.25 (R1). After having been unable to move lower than 11.84 in the prior session, Host Hotels found buyers again around the same price level today at 11.78.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 12.25 where further buy stops could get triggered. Further buying might move prices higher should the market test August's nearby high at 12.49.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Host Hotels. Out of 217 times, HST closed higher 51.15% 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 55.30% with an average market move of 0.11%.