HTGM finds buyers around 0.64 for the third day in a row
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HTGM finished the month 35.85% higher at 0.72 after gaining $0.04 (5.88%) today, significantly outperforming the S&P 500 (1.54%). Trading up to $0.04 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 0.69, the market confirmed its breakout through the previous session high after trading up to $0.03 above it intraday.
Daily Candlestick Chart (HTGM as at Jun 30, 2020):
Tuesday's trading range has been $0.08 (11.76%), that's slightly below the last trading month's daily average range of $0.11. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HTGM.
Regardless of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on April 6th, HTGM gained 10.34% on the following trading day.
HTG Molecular managed to close back above the 20-day moving average at 0.70. HTGM found buyers again today around 0.64 for the third trading day in a row after having found demand at 0.64 in the previous session and at 0.63 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for HTG Molecular. Out of 55 times, HTGM closed lower 65.45% 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 two trading days, showing a win rate of 65.45% with an average market move of -1.83%.