BHF closes higher for the 3rd day in a row
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jun 28, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BHF finished the month 3.38% higher at 36.69 after gaining $1.66 (4.74%) today, strongly outperforming the S&P 500 (0.58%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BHF as at Jun 28, 2019):
Friday's trading range has been $1.04 (2.91%), that's slightly below the last trading month's daily average range of $1.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BHF.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 7th, BHF gained 1.53% on the following trading day.
Buyers managed to take out the key technical resistance level at 36.60 (now S1), which is likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Brighthouse Financial. Out of 38 times, BHF closed lower 63.16% 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 57.89% with an average market move of -2.12%.