BRX unable to break through key resistance level
Brixmor Property Group Inc. (BRX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BRX ended the week -1.15% lower at 20.64 after gaining $0.13 (0.63%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 20.54, the stock confirmed its breakout through the prior session high after trading up to $0.15 above it intraday.
Daily Candlestick Chart (BRX as at Feb 14, 2020):
Friday's trading range has been $0.25 (1.22%), that's below the last trading month's daily average range of $0.36. 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 lower than usual for BRX.
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 January 29th, BRX lost -2.56% on the following trading day.
Unable to break through the key technical resistance level at 20.69 (R1), the market closed below it after spiking up to 20.69 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Brixmor Property. Out of 76 times, BRX closed higher 51.32% 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 nine trading days, showing a win rate of 56.58% with an average market move of 0.36%.