HTGM closes within previous day's range after lackluster session
HTG Molecular Diagnostics Inc. (HTGM) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HTGM ended Wednesday at 0.34 flat, slightly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HTGM as at Sep 16, 2020):
Wednesday's trading range has been $0.02 (5.88%), that's far below the last trading month's daily average range of $0.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HTGM.
Four candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Northern Doji showed up on July 21st, HTGM actually gained 12.12% on the following trading day.
Prices are trading close to the key technical resistance level at 0.36 (R1). After having been unable to move lower than 0.32 in the previous session, the stock found buyers again around the same price level today at 0.32.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 0.36 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 0.30 where further sell stops could get triggered. With prices trading close to this year's low at 0.27, downside momentum might speed up should HTG Molecular break out to new lows for the year. As prices are trading close to September's high at 0.38, upside momentum could accelerate should the market mark new highs for the month. As prices are trading close to September's low at 0.29, downside momentum might speed up should the share mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HTG Molecular. Out of 201 times, HTGM closed lower 61.69% 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 67.66% with an average market move of -2.18%.