BXP slumps, losing $2.79 (-2.04%) within a single day
Boston Properties Inc. (BXP) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, BXP finished Tuesday at 134.26 tanking $2.79 (-2.04%), strongly underperforming the S&P 500 (0.05%). This is the biggest single-day loss in over three months. Closing below Monday's low at 136.44, the market confirmed its breakout through the prior session low after trading up to $2.95 below it intraday.
Daily Candlestick Chart (BXP as at Apr 16, 2019):
Tuesday's trading range has been $4.03 (2.94%), that's far above the last trading month's daily average range of $1.89. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BXP.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading as low as 133.49 during the day, the stock found support at the 50-day moving average at 134.16. The last time this happened on April 6, 2018, BXP actually lost -0.69% on the following trading day. Boston Properties closed below the 20-day moving average at 135.45 for the first time since March 27th.
Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Boston Properties. Out of 37 times, BXP closed lower 56.76% of the time on the next trading day after the market condition occurred.