BBT dominated by bears dragging the market lower throughout the day

BB&T Corporation (BBT) Technical Analysis Report for Jul 13, 2018

Highlights

BBT dominated by bears dragging the market lower throughout the day
BBT closes lower for the 4th day in a row
BBT breaks below previous session low
BBT falls to lowest close since July 5th

TQ Sentiment

Report Sentiment:
42% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving lower for the 4th day in a row, BBT ended the week -0.55% lower at 50.93 after losing $0.62 (-1.2%) today. Today's closing price of 50.93 marks the lowest close since July 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 51.19, the share confirms its breakout through the prior session's low having traded $0.45 below it intraday.

Daily chart for BBT

Volatility

Friday's trading range was $0.74 (1.44%), that's below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to a key support level at 50.37. Prices are trading close to the key resistance level at 51.64.

Trend

Though BB&T Corporation is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 50.37 where further sell stops could get triggered. With prices trading close to this year's low at 49.65, downside momentum might speed up should the market break out to new lows for the year. As prices are trading close to July's low at 50.15, downside momentum could accelerate should the stock mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for BB&T Corporation

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Latest Report:

BBT breaks key support level

Sep 24, 2018
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