HXL closes higher for the 3rd day in a row
Hexcel Corporation (HXL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HXL finished Thursday at 44.19 gaining $3.93 (9.76%) on high volume, strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 41.46, the share confirmed its breakout through the prior session high after trading up to $3.42 above it intraday.
Daily Candlestick Chart (HXL as at Mar 26, 2020):
Thursday's trading range has been $4.38 (10.77%), that's slightly below the last trading month's daily average range of $4.85. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for HXL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, HXL gained 19.71% on the following trading day.
Buyers managed to take out the key technical resistance level at 44.14 (now S1), which is likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Hexcel. Out of 598 times, HXL closed higher 53.68% 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 58.19% with an average market move of 0.40%.