BDN closes below its opening price unable to hold early session gains
Brandywine Realty Trust (BDN) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BDN ended Tuesday at 14.44 losing $0.06 (-0.41%), slightly underperforming the S&P 500 (-0.34%). Trading $0.06 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on July 10th, BDN lost -1.22% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BDN as at Jul 16, 2019):
Tuesday's trading range has been $0.15 (1.04%), that's below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BDN.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Further selling might move prices lower should the market test June's close-by low at 14.19.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Brandywine Realty. Out of 298 times, BDN closed higher 51.34% 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 52.01% with an average market move of 0.47%.