BXMT pops to highest close since June 20th
Blackstone Mortgage Trust Inc. (BXMT) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BXMT ended the week 1.8% higher at 36.24 after gaining $0.22 (0.61%) today, slightly outperforming the S&P 500 (0.46%). Today's close at 36.24 marks the highest recorded closing price since June 20th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 36.15, Blackstone Mortgage confirmed its breakout through the prior session high after trading up to $0.10 above it intraday.
Daily Candlestick Chart (BXMT as at Jul 12, 2019):
Friday's trading range has been $0.23 (0.64%), that's far below the last trading month's daily average range of $0.33. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BXMT.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on April 10th, BXMT gained 0.43% on the following trading day.
Prices are trading close to the key technical resistance level at 36.28 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 36.77, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Blackstone Mortgage. Out of 276 times, BXMT closed higher 51.09% 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 51.81% with an average market move of 0.50%.