BBT closes above its opening price after recovering from early selling pressure
BB&T Corporation (BBT) Technical Analysis Report for Apr 23, 2019 | by Techniquant Editorial Team
BBT finished Tuesday at 49.54 gaining $0.30 (0.61%), slightly underperforming the S&P 500 (0.88%). Trading up to $0.61 lower after the open, BB&T managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BBT as at Apr 23, 2019):
Tuesday's trading range has been $0.77 (1.56%), that's slightly below the last trading month's daily average range of $0.91. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BBT.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
The share managed to close back above the 200-day moving average at 49.30. When this moving average was crossed above the last time on April 16th, BBT gained 0.67% on the following trading day. After having been unable to move lower than 48.86 in the prior session, the market found buyers again around the same price level today at 48.77.
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 50.08 where further buy stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for BB&T. Out of 95 times, BBT closed higher 51.58% 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 10 trading days, showing a win rate of 61.05% with an average market move of 0.58%.