BLMN closes higher for the 5th day in a row
Bloomin' Brands Inc. (BLMN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BLMN finished the week 5.95% higher at 21.54 after gaining $0.31 (1.46%) today on high volume, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 21.54 marks the highest recorded closing price since January 23rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 21.46, the market confirmed its breakout through the previous session high after trading up to $0.19 above it intraday.
Daily Candlestick Chart (BLMN as at Feb 14, 2020):
Friday's trading range has been $0.49 (2.31%), that's slightly below the last trading month's daily average range of $0.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLMN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BLMN gained 0.48% on the following trading day.
After spiking up to 21.65 during the day, the stock found resistance at the 50-day moving average at 21.64.
Bloomin' Brands shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's high at 22.51, upside momentum might accelerate should the share be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Bloomin' Brands. Out of 375 times, BLMN closed higher 49.33% 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 10 trading days, showing a win rate of 51.73% with an average market move of 0.35%.