HARDWOODS DISTRIBUTION INC (HDI.CA) Stock Technical Analysis
TSX:HDI - Toronto Stock Exchange - CA4124221074 - Common Stock - Currency: CAD
We assign a technical rating of 7 out of 10 to HDI. HDI has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.
Besides having an excellent technical rating, HDI also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 28.74, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HDI in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
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26.92
We found 2 important support areas.
- A support zone ranging from 28.02 to 28.74. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 27.19 to 27.44. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
We can see 4 important resistance areas.
- Resistance @29.58 from a horizontal line in the weekly time frame.
- Resistance @30.43 from a horizontal line in the daily time frame.
- Resistance @32.67 from a trend line in the daily time frame.
- Resistance @34.96 from a horizontal line in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for HDI.CA is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for HDI.CA is up. |
| ChartMill Relative Strength | 62.27 | NEUTRAL | HDI.CA is not amongst the best or worst performers on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of HDI.CA is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of HDI.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | DOWN | MIXED | The current price of HDI.CA is above a declining SMA(200). |
| Relative Strength Index/RSI (14) | 58.15 | NEUTRAL | The RSI value for HDI.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.04 | POSITIVE | The MACD value suggests HDI.CA has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 78.11 | NEUTRAL | The Stochastics value for HDI.CA is a neutral value. |
| Average True Range in percent/ATR (20) | 2.8 | MEDIUM VOLATILITY | The ATR as a percentage value for HDI.CA suggests some volalility. |
| Average Directional Index/ADX (14) | 30.6 | POSITIVE | The high ADX value value for HDI.CA suggests a strong trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 29.59 | 28.39 | 1.20 (4.06%) | 24.66% |
| An entry @29.59. This is a Buy Stop order right above the resistance zone. | An exit @28.39. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 1.20 points, which is 4.06%. | For a 1.00% total portfolio risk, you can invest 24.66% of your capital in this trade. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
TSX:HDI (1/19/2023, 7:00:00 PM)
29.57
-0.11 (-0.37%)