HSY closes within prior day's range after lackluster session

The Hershey Company (HSY) Technical Analysis Report for Jul 13, 2018

Highlights

HSY runs into sellers around 94.39 for the third day in a row
HSY stuck within tight trading range
HSY closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 25% Bearish
Technical Forecast:

Overview

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 chart for HSY

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for The Hershey Company

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