BBD ends the day indecisive
Banco Bradesco Sa American Depositary Shares (BBD) Technical Analysis Report for Feb 03, 2020 | by Techniquant Editorial Team
BBD ended Monday at 7.75 gaining $0.12 (1.57%), outperforming the S&P 500 (0.73%). 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 Feb 03, 2020):
Monday's trading range has been $0.12 (1.55%), that's below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BBD.
Prices are trading close to the key technical support level at 7.70 (S1). Prices are trading close to the key technical resistance level at 7.92 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 7.56 where further sell stops might get activated. 2019's low at 7.54 is within reach and we could see further downside momentum should the market break out beyond.
Among the three 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.