A Pattern in HKD?
I was looking at the Previous Close to (today's) High, or PCTH of $HKD. Two particular PCTH's stood out to me. They were, by far, the two biggest. I found a possible pattern.
Both of these daily PCTH's(first on July 22nd and the second on August 2nd) were over 240%. And the next day closed about 35% down both times after each PCTH spike of 240+%. I also found that the opening price was gapped up over 10% higher the following day after each of these PCTH's. The last thing I noticed was that the next day's lowest price minus its opening price after each of these PCTH's was substantial at -33.275% on July 22nd and -48.68% on August 2nd.
PCTH = 249%
Next Day Opening Price – Closing Price on PCTH day = +15.14% Gap
Next Day Closing Price = -35.51%
Next Day Low From Next Day Open = -33.275%
PCTH = 244%
Next Day Opening Price – Closing Price on PCTH day = +11.63% Gap
Next Day Closing Price = -34.48%
Next Day Low From Next Day Open = -48.68%
Averaged Data of Both PCTH's
PCTH = 246.845%
Next Day Opening Price – Closing Price on PCTH day = +13.385% Gap
Next Day Closing Price = -34.995%
Next Day Low From Next Day Open = -40.975%
Anyway, I just found these to be interesting correlations. One could possibly derive a nice short entry point from this data if the pattern persists. And with shorting not being allowed on this stock today, It will be interesting to see how high it can go. Over 240% again?
DISCLAIMER: The information in this post is for informational purposes only and is not intended to be viewed as advice for trading this stock or anything else. You may spontaneously combust upon use of this information but most likely not. I am not responsible for the destruction of your portfolio.
Submitted August 04, 2022 at 03:25PM by Eve_Ai_Jiang
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