BHF pops to highest close since June 11, 2018
Brighthouse Financial Inc. (BHF) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
BHF finished the week 10.52% higher at 46.65 after gaining $0.67 (1.46%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 46.65 marks the highest recorded closing price since June 11, 2018.
Daily Candlestick Chart (BHF as at Feb 14, 2020):
Friday's trading range has been $0.74 (1.57%), that's slightly below the last trading month's daily average range of $1.05. 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 significantly higher than usual for BHF. Prices continued to consolidate within a tight trading range between 45.48 and 47.15 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on February 3rd, BHF actually gained 2.28% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 41.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for Brighthouse Financial. Out of 35 times, BHF closed lower 54.29% of the time on the next trading day after the market condition occurred.