HTGM closes lower for the 3rd day in a row
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, HTGM ended the week -3.51% lower at 0.55 after losing $0.01 (-1.79%) today, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 0.55 marks the lowest recorded closing price ever. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HTGM as at Feb 14, 2020):
Friday's trading range has been $0.04 (6.9%), that's slightly below the last trading month's daily average range of $0.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HTGM.
Two candlestick patterns are matching today's price action, the Tweezer Bottom which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Tweezer Bottom showed up on Monday, HTGM gained 5.17% on the following trading day.
After having been unable to move lower than 0.54 in the previous session, the share found buyers again around the same price level today at 0.54.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for HTG Molecular. Out of 279 times, HTGM closed lower 55.20% 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 five trading days, showing a win rate of 59.50% with an average market move of 0.59%.