BDX closes above its opening price after recovering from early selling pressure
Becton Dickinson and Company (BDX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
BDX ended Wednesday at 227.03 gaining $0.88 (0.39%), outperforming the S&P 500 (-0.46%). Trading up to $1.91 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 11th, BDX gained 0.05% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BDX as at Sep 16, 2020):
Wednesday's trading range has been $5.66 (2.5%), that's slightly below the last trading month's daily average range of $5.97. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BDX.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two 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 Becton Dickinson. Out of 228 times, BDX closed higher 53.51% 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 55.70% with an average market move of 0.23%.