BHF dominated by bulls lifting the market higher throughout the day
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 04, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BHF finished Tuesday at 37.99 surging $2.10 (5.85%), significantly outperforming the S&P 500 (2.14%). This is the biggest single-day gain in over three months. The last time we've seen such an unusually strong single-day gain on April 1st, BHF actually lost -3.06% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BHF as at Jun 04, 2019):
Tuesday's trading range has been $1.28 (3.48%), that's slightly below the last trading month's daily average range of $1.32. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BHF.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 20-day moving average at 37.86 for the first time since May 6th. Prices are trading close to the key technical resistance level at 38.38 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 38.38 where further buy stops might get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Brighthouse Financial. Out of 127 times, BHF closed higher 62.20% 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 49.61% with an average market move of 0.49%.