HUBB rises to highest close since June 9th
Hubbell Inc (HUBB) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
HUBB ended the month 7.67% higher at 134.97 after gaining $2.18 (1.64%) today on high volume, outperforming the S&P 500 (0.77%). Today's close at 134.97 marks the highest recorded closing price since June 9th. Trading up to $1.07 lower after the open, Hubbell managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, HUBB actually lost -1.54% on the following trading day. Closing above Thursday's high at 134.93, the share confirmed its breakout through the previous session high after trading up to $0.53 above it intraday.
Daily Candlestick Chart (HUBB as at Jul 31, 2020):
Friday's trading range has been $3.16 (2.37%), that's above the last trading month's daily average range of $2.57. 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 HUBB.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 200-day moving average at 132.82.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test June's nearby high at 139.88.
Among the seven 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 392 times, HUBB closed higher 56.38% 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 60.71% with an average market move of 0.66%.