BBD closes above its opening price after recovering from early selling pressure


Banco Bradesco Sa American Depositary Shares (BBD) Technical Analysis Report for Jan 17, 2020 | by Techniquant Editorial Team

Highlights

BBD breaks back above 100-day moving average
BBD closes above its opening price after recovering from early selling pressure
BBD closes higher for the 2nd day in a row
BBD ends the day indecisive

Overview

Moving higher for the 2nd day in a row, BBD finished the week 0.84% higher at 8.44 after gaining $0.20 (2.43%) today, notably outperforming the S&P 500 (0.39%) ahead of tomorrow's Martin Luther King Jr. Day market holiday. Trading up to $0.08 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, BBD actually lost -3.10% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (BBD as at Jan 17, 2020):

Daily technical analysis candlestick chart for Banco Bradesco Sa American Depositary Shares (BBD) as at Jan 17, 2020

Friday's trading range has been $0.14 (1.66%), that's slightly below the last trading month's daily average range of $0.15. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BBD.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.

The market managed to close back above the 100-day moving average at 8.31.

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying could speed up should prices move above the close-by swing high at 8.63 where further buy stops might get activated.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Banco Bradesco. Out of 182 times, BBD closed higher 50.55% of the time on the next trading day after the market condition occurred.


Market Conditions for BBD as at Jan 17, 2020

Loading Market Conditions for BBD (Banco Bradesco Sa American Depositary Shares)...
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