<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Hawaiian electron stock price closed at $13.97 while witnessing a gain of 44.62% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>HE stock has slipped below 20, 50, 100, and 200-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The year-to-return of Hawaiian Electric is -66.55% while the weekly return is 3.40%.</a> </li> 
</ul> 
<p>August did not turn out to be a great month for HE stock, as the stock fell approximately 33.77% in a single day. Since mid-March, the stock price was stuck in a wide consolidation zone ranging between $40 and $35.40.&nbsp;</p> 
<p>At the end of July 2023, HE stock price faced strong rejection from $40 which induced a bearish sentiment in the market. The release of second-quarter results on 7 August acted as a catalyst for the bearish momentum.&nbsp;</p> 
<p>The consensus estimated the earnings per share to be $0.53 while the company reported $0.50, a surprise of -$0.03 (5.66%). However, Hawaiian Electric did beat the analysts’ estimate of revenue by $50.71 Million.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/e6IY-DlkXZC_2OLpfPIfun23iNckirhLtOCVo1Hu6nwYuCvcLHEyb7yz_ezDXW150GBX6qXkeDuaTprNrhsuGilA7wqsf46xovYMlrhLRpNZJZd0uNypx49EnqAMfwNSqlLQ4Gp1AD-fJVdPZdfvCdEnn9IjwFCrvxHmL6EGu2UCDSne2MxNP6BAVsug" alt="Hawaiian Electric (HE Stock): Denies Causing Lahaina Wildfires"> 
  <figcaption class="wp-element-caption">
    Source: HE Stock Price By <a href="https://www.tradingview.com/x/yNI3vmUG/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>After the downfall, the <a href="https://www.thecoinrepublic.com/2023/08/28/workday-stock-price-forecast-is-q2-about-to-reflect-a-fall/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> formed support at $10 and retested at $14. A follow-up retracement occurred after the retest. The last candle closed near $14 and showed a strong presence of bulls with a whopping rise of 44.62%.&nbsp;</p> 
<p>If the HE stock price can rise above $14, it might rise toward the next resistance level of $21. On the other hand, if the next candle breaks the low of the last candle, it might melt toward $10.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-lines-de-energized-before-wildfire-hawaiian-electric-strong"><strong>Lines De-Energized Before Wildfire – Hawaiian Electric</strong></h2> 
<p>Hawaiian Electric stated that its powerlines are not responsible for the wildfire which destroyed the town of Lahaina and killed more than 100 people. The company blamed the Maui County firefighters for an inadequate response.&nbsp;</p> 
<p>Hawaiian Electric said that their powerlines were cut for more than six hours before its workers, who were in the area for repairs, saw a new fire before 3 PM and called 911. The chief executive officer of Hawaiian Electric, Shelee Kimura also criticized Maui County officials for filing the lawsuit before doing its own investigation.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-he-stock-recovery-continue-strong"><strong>Will HE Stock Recovery Continue?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/nX_tlfhn_lVCBx6p_f3SUHg_IeR4t8jshjb4xkwXs6hMpDoFVrolzY6f89gnZKbDLMOb8NMuJU8GvO5eRvjpwdwluQwuk-k6CpaRpvZrjfEicmlhHLnCZ5_1956YB29gdi9ih-mJQpZGQAHPQe_f9ji2nc82CQS07fKGKYFba-OEsgpk1NDLH64fa3hb" alt="Hawaiian Electric (HE Stock): Denies Causing Lahaina Wildfires"> 
  <figcaption class="wp-element-caption">
    Source: HE Stock Price By <a href="https://www.tradingview.com/x/83WiG86x/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The stock price has slipped below 20,50,100 and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow has resurfaced above the 0 mark and currently stands at 0.07 implying an increase in the strength.&nbsp;</p> 
<p>The relative strength index has been trading in the oversold zone since 10th August, indicating how strong is the confluence of bears. Currently, RSI stands at 27.36 suggesting the possibility of short-term pullback and reversal in the market.&nbsp;</p> 
<p>The Bollinger bands have expanded to extremes indicating high volatility in the market. HE stock price is trading near the lower band which also indicates chances of reversal.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The market structure and price of Hawaiian Electric is slowly turning bullish. The stock price faced a decline due to the Maui wildfire and is now denying being the reason for the wildfire.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Major support: $10 and $7</li> 
 <li>Major resistance: $21 and $35.40&nbsp;</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Hawaiian Electric (HE Stock): Denies Causing Lahaina Wildfires

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