HSY pushes through Monday's high
The Hershey Company (HSY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HSY ended the month -4.47% lower at 129.62 after gaining $2.01 (1.58%) today, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 128.26, the share confirmed its breakout through the prior session high after trading up to $2.09 above it intraday.
Daily Candlestick Chart (HSY as at Jun 30, 2020):
Tuesday's trading range has been $2.46 (1.92%), that's slightly below the last trading month's daily average range of $3.01. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HSY.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 127.75 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for The Hershey. Out of 327 times, HSY closed higher 51.68% 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 55.96% with an average market move of 0.36%.