BXP soars 1.13% closing $1.65 higher
Boston Properties Inc. (BXP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BXP finished the week 3.17% higher at 147.23 after surging $1.65 (1.13%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. This is the biggest single-day gain in over two weeks. Today's close at 147.23 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 146.04, the share confirmed its breakout through the previous session high after trading up to $1.24 above it intraday.
Daily Candlestick Chart (BXP as at Feb 14, 2020):
Friday's trading range has been $1.91 (1.31%), that's slightly above the last trading month's daily average range of $1.85. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BXP.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 146.07 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, BXP gained 0.55% on the following trading day.
Crossing above the upper Bollinger Band for the first time since January 23rd, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 143.06 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for Boston Properties. Out of 35 times, BXP closed lower 54.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 60.00% with an average market move of -1.42%.