BOKF closes above its opening price after recovering from early selling pressure
BOK Financial Corporation (BOKF) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, BOKF finished the week 1.51% higher at 80.82 after edging higher $0.09 (0.11%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.42 lower after the open, BOK Financial managed to reverse during the session as bulls took control ending the day above its opening price. 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 (BOKF as at Feb 14, 2020):
Friday's trading range has been $0.73 (0.9%), that's below the last trading month's daily average range of $1.54. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BOKF. Prices continued to consolidate within a tight trading range between 78.86 and 81.07 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 80.34 earlier during the day, the market bounced off the key technical support level at 80.52 (S1). The failure to close below the support might increase that levels importance as support going forward. After spiking up to 81.07 during the day, the share found resistance at the 20-day moving average at 80.98. After having been unable to move above 80.94 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 81.07. The last time this happened on Wednesday, BOKF actually gained 1.23% on the following trading day.
BOKF 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 low at 78.44, downside momentum could accelerate should BOK Financial break out to new lows for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for BOK Financial. Out of 67 times, BOKF closed higher 50.75% 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 62.69% with an average market move of 0.78%.