BHF closes lower for the 4th day in a row
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, BHF finished the week -6.69% lower at 42.99 after losing $0.21 (-0.49%) today, notably underperforming the S&P 500 (1.42%). Today's close at 42.99 marks the lowest recorded closing price since September 17th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BHF as at Oct 12, 2018):
Friday's trading range has been $2.42 (5.51%), that's far above the last trading month's daily average range of $1.49. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BHF.
After trading as low as 41.85 during the day, the share found support at the 50-day moving average at 42.79. The last time this happened on August 29th, BHF actually lost -1.55% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for Brighthouse Financial. Out of 7 times, BHF closed lower 57.14% 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 three trading days, showing a win rate of 71.43% with an average market move of -7.02%.