BXP finds buyers again around 86.43
Boston Properties Inc. (BXP) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BXP finished Wednesday at 89.93 gaining $2.16 (2.46%) on high volume, notably outperforming the S&P 500 (-0.46%). Today's close at 89.93 marks the highest recorded closing price since August 11th. Closing above Tuesday's high at 89.56, Boston Properties confirmed its breakout through the prior session high after trading up to $1.12 above it intraday.
Daily Candlestick Chart (BXP as at Sep 16, 2020):
Wednesday's trading range has been $4.25 (4.84%), that's far above the last trading month's daily average range of $2.55. Weekly volatility is also higher, being 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.
The market managed to close above the 100-day moving average at 89.01 for the first time since August 10th. Unable to break through the key technical resistance level at 90.25 (R1), the stock closed below it after spiking up to 90.68 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on Monday, BXP actually gained 2.17% on the following trading day. After having been unable to move lower than 86.25 in the previous session, the share found buyers again around the same price level today at 86.43.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to July's high at 94.63 we could see further upside momentum if potential buy stops at the level get activated.
Among the nine 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 158 times, BXP closed higher 53.16% 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 63.29% with an average market move of 0.63%.