BXP closes above its opening price after recovering from early selling pressure
Boston Properties Inc. (BXP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BXP ended Thursday at 92.90 gaining $2.04 (2.25%), notably underperforming the S&P 500 (6.24%). Trading up to $2.71 lower after the open, Boston Properties managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 17th, BXP actually lost -16.66% on the following trading day. 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 Mar 26, 2020):
Thursday's trading range has been $4.17 (4.53%), that's far below the last trading month's daily average range of $8.22. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher 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.
Prices are trading close to the key technical resistance level at 95.84 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 97.77 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Boston Properties. Out of 159 times, BXP closed higher 52.83% 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 64.78% with an average market move of 0.72%.