HTGM closes lower for the 2nd day in a row
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HTGM finished the month 43.24% higher at 0.53 after tanking $0.05 (-8.62%) today, significantly underperforming the S&P 500 (0.48%). This is the biggest single-day loss in over two months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 0.56, the share confirmed its breakout through the previous session low after trading up to $0.06 below it intraday.
Daily Candlestick Chart (HTGM as at May 29, 2020):
Friday's trading range has been $0.10 (16.67%), that's slightly above the last trading month's daily average range of $0.07. 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.
Regardless of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle. The last time this candlestick pattern showed up on May 13th, HTGM actually gained 16.67% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bearish Belt-hold and the Black Candle which are both known as bearish patterns.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Its common bearish interpretation has been confirmed for HTG Molecular. Out of 224 times, HTGM closed lower 52.68% 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 nine trading days, showing a win rate of 63.39% with an average market move of -0.12%.