BHF breaks below Tuesday's low
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 12, 2019 | by Techniquant Editorial Team
BHF finished Wednesday at 38.42 losing $0.77 (-1.96%) on low volume, strongly underperforming the S&P 500 (-0.2%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 39.03, the stock confirmed its breakout through the prior session low after trading up to $0.77 below it intraday.
Daily Candlestick Chart (BHF as at Jun 12, 2019):
Wednesday's trading range has been $0.93 (2.37%), that's slightly below the last trading month's daily average range of $1.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BHF.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 38.05 (S1). Brighthouse Financial closed back below the 200-day moving average at 38.96. When this moving average was crossed below the last time on May 10th, BHF lost -7.24% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 39.56 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Its common bearish interpretation has been confirmed for Brighthouse Financial. Out of 62 times, BHF closed lower 56.45% 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 56.45% with an average market move of -3.31%.