HTGM misses to close above 50-day moving average
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
HTGM ended the week -1.66% lower at 2.37 after gaining $0.13 (5.8%) today, notably outperforming the S&P 500 (0.5%). Closing above Thursday's high at 2.33, the share confirmed its breakout through the prior session high after trading up to $0.15 above it intraday.
Daily Candlestick Chart (HTGM as at Mar 15, 2019):
Friday's trading range has been $0.24 (10.71%), that's slightly above the last trading month's daily average range of $0.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HTGM.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 2.48 during the day, the market found resistance at the 50-day moving average at 2.41. The last time this happened on January 2, 2018, HTGM actually gained 8.53% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 2.03, downside momentum could speed up should HTG Molecular break out to new lows for the year. Further selling might move prices lower should the market test February's nearby low at 2.08.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HTG Molecular. Out of 106 times, HTGM closed lower 66.98% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 63.21% with an average market move of -4.67%.