HSY closes within prior day's range after lackluster session
The Hershey Company (HSY) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
HSY finished the week -1.63% lower at 93.99 after gaining $0.33 (0.35%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HSY as at Jul 13, 2018):
Friday's trading range was $0.88 (0.94%), that's far below last trading month's daily average range of $1.48. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 93.17 and 94.55 which it has been in now for the last three days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 93.50. Prices are trading close to the key resistance level at 94.55. The stock ran into sellers again today around 94.39 for the third trading day in a row after having found sellers at 94.55 in the prior session and at 94.49 two days ago.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might speed up should prices move above the close-by swing high at 94.55 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 93.17 where further sell stops could get triggered. As prices are trading close to July's low at 91.78, downside momentum might speed up should The Hershey mark new lows for the month.