BHF finds buyers again around 38.18
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 13, 2019 | by Techniquant Editorial Team
BHF ended Thursday at 38.46 edging higher $0.04 (0.1%) on low volume, slightly underperforming the S&P 500 (0.41%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BHF as at Jun 13, 2019):
Thursday's trading range has been $0.76 (1.96%), that's below the last trading month's daily average range of $1.05. Weekly volatility is also lower, being slightly below 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 Bearish Spinning Top.
Prices are trading close to the key technical support level at 38.11 (S1). After having been unable to move lower than 38.26 in the prior session, the stock found buyers again around the same price level today at 38.18. The last time this happened on June 3rd, BHF gained 5.85% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 39.56 where further buy stops might get triggered.
Among the three 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 130 times, BHF closed higher 62.31% 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 50.00% with an average market move of 0.50%.