BHF dominated by bulls lifting the market higher throughout the day
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Jul 09, 2019 | by Techniquant Editorial Team
BHF ended Tuesday at 37.57 gaining $0.53 (1.43%), notably outperforming the S&P 500 (0.12%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 37.32, the share confirmed its breakout through the previous session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (BHF as at Jul 09, 2019):
Tuesday's trading range has been $1.00 (2.72%), that's slightly below the last trading month's daily average range of $1.09. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BHF.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 27th, BHF actually gained 4.74% on the following trading day.
The stock managed to close back above the 20-day moving average at 37.22 for the first time since June 24th. Prices are trading close to the key technical resistance level at 38.09 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Brighthouse Financial. Out of 95 times, BHF closed higher 50.53% 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 three trading days, showing a win rate of 54.74% with an average market move of 0.04%.