BDN closes higher for the 3rd day in a row
Brandywine Realty Trust (BDN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BDN ended Thursday at 10.26 gaining $0.84 (8.92%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 10.06, the market confirmed its breakout through the prior session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (BDN as at Mar 26, 2020):
Thursday's trading range has been $1.04 (10.9%), that's above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for BDN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BDN gained 8.03% on the following trading day.
Prices are trading close to the key technical resistance level at 10.40 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Brandywine Realty. Out of 161 times, BDN closed lower 49.07% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 55.90% with an average market move of -0.61%.