BXP closes above its opening price after recovering from early selling pressure
Boston Properties Inc. (BXP) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
BXP finished the week 6.85% higher at 119.15 after edging lower $0.07 (-0.06%) today on low volume, slightly underperforming the S&P 500 (-0.01%). Trading up to $0.60 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BXP as at Jan 11, 2019):
Friday's trading range has been $1.11 (0.93%), that's far below the last trading month's daily average range of $3.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BXP.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After trading down to 118.20 earlier during the day, the stock bounced off the key technical support level at 118.40 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on December 4, 2018, BXP gained 1.77% on the following trading day. After having been unable to move above 119.52 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 119.31.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 119.52 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Boston Properties. Out of 799 times, BXP closed higher 52.69% 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 57.07% with an average market move of 0.42%.