BBT pushes through key resistance level

BB&T Corporation (BBT) Technical Analysis Report for Sep 14, 2018

Highlights

BBT pushes through key resistance level
BBT finds buyers again around 49.92
BBT closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 60% Bullish
Technical Forecast:

Overview

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 chart for BBT

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for BB&T Corporation

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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