BBD snaps to lowest close since October 29, 2018
Banco Bradesco Sa American Depositary Shares (BBD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, BBD ended the week -3.21% lower at 7.55 after losing $0.06 (-0.79%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 7.55 marks the lowest recorded closing price since October 29, 2018. Closing below Thursday's low at 7.56, the stock confirmed its breakout through the previous session low after trading up to $0.07 below it intraday.
Daily Candlestick Chart (BBD as at Feb 14, 2020):
Friday's trading range has been $0.18 (2.36%), that's slightly below the last trading month's daily average range of $0.19. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BBD.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Its common bearish interpretation has been confirmed for Banco Bradesco. Out of 338 times, BBD closed lower 50.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 48.82% with an average market move of 0.30%.