HTGM closes higher for the 5th day in a row
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, HTGM finished the week 26.19% higher at 0.53 after surging $0.04 (8.16%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 0.53 marks the highest recorded closing price since March 2nd. Closing above Thursday's high at 0.50, the market confirmed its breakout through the previous session high after trading up to $0.05 above it intraday.
Daily Candlestick Chart (HTGM as at May 22, 2020):
Friday's trading range has been $0.07 (14.29%), that's slightly above the last trading month's daily average range of $0.07. Weekly volatility is also higher, being slightly above 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. The last time a White Candle showed up on Wednesday, HTGM gained 6.52% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.41.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to March's high at 0.63 we might see further upside momentum if potential buy stops at the level get activated.
Among the five 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. While it is usually interpreted as bullish, it has actually shown to be bearish for HTG Molecular. Out of 134 times, HTGM closed lower 67.16% 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 64.18% with an average market move of -5.02%.