HUBB closes above its opening price after recovering from early selling pressure
Hubbell Inc (HUBB) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
HUBB ended Tuesday at 125.40 gaining $1.02 (0.82%), outperforming the S&P 500 (0.05%). Trading up to $0.94 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 125.13, the share confirmed its breakout through the previous session high after trading up to $0.82 above it intraday.
Daily Candlestick Chart (HUBB as at Apr 16, 2019):
Tuesday's trading range has been $1.82 (1.46%), that's slightly below the last trading month's daily average range of $2.09. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HUBB. Prices continued to consolidate within a tight trading range between 122.84 and 125.96 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on March 14th, HUBB gained 2.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 125.96 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 123.18 where further sell stops might get triggered.
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. Its common bullish interpretation has been confirmed for Hubbell. Out of 422 times, HUBB closed higher 55.69% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.14% with an average market move of 0.86%.