HTGM crashes -8.33% closing $0.06 lower
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
HTGM ended the month -8.33% lower at 0.66 after tanking $0.06 (-8.33%) today, significantly underperforming the S&P 500 (0.77%). This is the biggest single-day loss in over a month. The last time we've seen such an unusually strong single-day loss on June 11th, HTGM actually gained 13.79% on the following trading day. Trading $0.03 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (HTGM as at Jul 31, 2020):
Friday's trading range has been $0.07 (10.29%), 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 lower than usual for HTGM.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.61 (S1). Unable to break through the key technical resistance level at 0.70 (R1), the market closed below it after spiking up to 0.71 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.60 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for HTG Molecular. Out of 242 times, HTGM closed lower 52.89% 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 60.74% with an average market move of -0.80%.