BHF finds buyers at key support level
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 20, 2019 | by Techniquant Editorial Team
BHF finished Thursday at 38.45 gaining $0.45 (1.18%), slightly outperforming the S&P 500 (0.95%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BHF as at Jun 20, 2019):
Thursday's trading range has been $0.88 (2.29%), that's below the last trading month's daily average range of $1.08. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BHF. Prices continued to consolidate within a tight trading range between 37.56 and 38.98 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Takuri Line which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top. The last time a Takuri Line showed up on March 21st, BHF actually lost -6.84% on the following trading day.
After trading down to 37.69 earlier during the day, Brighthouse Financial bounced off the key technical support level at 38.11 (S1). The failure to close below the support could increase that levels importance as support going forward.
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 38.98 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 37.56 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Brighthouse Financial. Out of 9 times, BHF closed higher 66.67% of the time on the next trading day after the market condition occurred.