BHF misses to close above 200-day moving average
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BHF ended Monday at 38.54 gaining $0.58 (1.53%), significantly outperforming the S&P 500 (0.47%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BHF as at Jun 10, 2019):
Monday's trading range has been $1.04 (2.72%), that's slightly below the last trading month's daily average range of $1.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for BHF.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on February 25th, BHF lost -1.87% on the following trading day.
Prices are trading close to the key technical support level at 38.05 (S1). After spiking up to 39.33 during the day, the market found resistance at the 200-day moving average at 38.99.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Its common bearish interpretation has been confirmed for Brighthouse Financial. Out of 2 times, BHF closed lower 100.00% 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 100.00% with an average market move of -4.13%.