BXP closes above its opening price after recovering from early selling pressure

Boston Properties (BXP) Technical Analysis Report for Apr 16, 2018

Highlights

BXP closes above its opening price after recovering from early selling pressure
BXP finds buyers at key support level
BXP finds support at 50-day moving average
BXP closes higher for the 2nd day in a row
BXP pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, BXP ended Monday at 120.52 gaining $0.62 (0.52%) on low volume. Trading up to $0.99 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 119.97, the stock confirms its breakout through the prior session's high having traded $1.24 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BXP

Volatility

Monday's trading range was $1.84 (1.53%), that's below last trading month's daily average range of $2.51. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 119.37 during the day, the share bounced off the key support level at 119.92. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 119.37 during the day, BXP found support at the 50-day moving average at 119.92.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying might speed up should prices move above the close-by swing high at 122.15 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 118.29 where further sell stops could get triggered. As prices are trading close to April's high at 123.73, upside momentum might speed up should the stock mark new highs for the month. Further selling could move prices lower should the market test March's close-by low at 116.31.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Boston Properties

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