BDN finds buyers again around 14.58
Brandywine Realty Trust (BDN) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
BDN ended the week 0.34% higher at 14.61 after flat today, slightly underperforming the S&P 500 (0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BDN as at Jul 12, 2019):
Friday's trading range has been $0.14 (0.96%), that's far below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BDN.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Inverted Hammer which are both known as bullish patterns.
Prices are trading close to the key technical support level at 14.55 (S1). Prices are trading close to the key technical resistance level at 14.77 (R1). After having been unable to move lower than 14.55 in the previous session, the share found buyers again around the same price level today at 14.58. The last time this happened on June 17th, BDN actually lost -1.23% on the following trading day.
Though 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.
Selling could speed up should prices move below the nearby swing low at 14.55 where further sell stops might get activated. Further selling could move prices lower should the market test June's close-by low at 14.19.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Brandywine Realty. Out of 207 times, BDN closed higher 51.21% 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 53.14% with an average market move of 0.78%.