BBL dominated by bulls lifting the market higher throughout the day
BHP Billiton plc Sponsored ADR (BBL) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, BBL finished Monday at 40.15 gaining $0.75 (1.9%) on low volume, strongly outperforming the S&P 500 (0.38%). Today's close at 40.15 marks the highest recorded closing price since February 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 39.52, the share confirmed its breakout through the prior session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (BBL as at Jun 01, 2020):
Monday's trading range has been $0.92 (2.34%), that's above the last trading month's daily average range of $0.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BBL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 29th, BBL gained 1.90% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for BHP Billiton. Out of 27 times, BBL closed higher 55.56% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 51.85% with an average market move of -0.01%.