BHF closes below its opening price unable to hold early session gains
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 17, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BHF ended Monday at 37.65 losing $0.80 (-2.08%), significantly underperforming the S&P 500 (0.09%). Trading $0.63 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 30th, BHF lost -4.47% on the following trading day. Closing below Friday's low at 37.85, the stock confirmed its breakout through the prior session low after trading up to $0.29 below it intraday.
Daily Candlestick Chart (BHF as at Jun 17, 2019):
Monday's trading range has been $1.27 (3.32%), that's above the last trading month's daily average range of $1.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BHF.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
After trading as low as 37.56 during the day, Brighthouse Financial found support at the 20-day moving average at 37.64. After spiking up to 38.83 during the day, the share found resistance at the 100-day moving average at 38.80.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Its common bullish interpretation has been confirmed for Brighthouse Financial. Out of 9 times, BHF closed higher 88.89% 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 nine trading days, showing a win rate of 77.78% with an average market move of 1.06%.