HTGM finds buyers around 0.32 for the forth day in a row
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HTGM finished Thursday at 0.33 losing $0.01 (-2.94%) on high volume, strongly underperforming the S&P 500 (6.24%). Today's close at 0.33 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 prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (HTGM as at Mar 26, 2020):
Thursday's trading range has been $0.06 (15.79%), that's below the last trading month's daily average range of $0.09. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HTGM. Prices continued to consolidate within a tight trading range between 0.31 and 0.39 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Monday, HTGM actually gained 2.94% on the following trading day.
Prices are trading close to the key technical support level at 0.31 (S1). The market was bought again around 0.32 after having seen lows at 0.31, 0.32 and 0.32 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 0.31 where further sell stops could get activated.
Among the 13 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 285 times, HTGM closed lower 55.09% 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 59.65% with an average market move of 0.39%.