BBT pushes through key resistance level
BB&T Corporation (BBT) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
BBT finished the week -3.41% lower at 50.21 after gaining $0.25 (0.5%) today on high volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BBT as at Sep 14, 2018):
Friday's trading range was $0.39 (0.78%), that's far below last trading month's daily average range of $0.64. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
After moving lower in the previous session, BB&T Corporation managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Breaking through the key resistance level at 50.15 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 50.64. After having been unable to move lower than 49.93 in the previous session, the share found buyers again around the same price level today at 49.92.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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. Trading close to July's low at 49.71 we could see further downside momentum if potential sell stops at the level get triggered.