Hit rises to highest close since December 3, 2018
MetLife Inc. (MET) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Hit ended the week 3.41% higher at 43.72 after gaining $0.35 (0.81%) today on low volume, outperforming the S&P 500 (-0.01%). Today's close at 43.72 marks the highest recorded closing price since December 3, 2018. Trading up to $0.49 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. 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 (MET as at Jan 11, 2019):
Friday's trading range has been $0.92 (2.12%), that's below the last trading month's daily average range of $1.21. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for Met. Prices continued to consolidate within a tight trading range between 42.75 and 43.86 where it has been caught now for the last three trading days.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on January 2nd, Hit actually lost -1.92% on the following trading day. Additionally, one bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern.
Prices are trading close to the key technical resistance level at 43.94 (R1). The market found buyers again today around 42.88 for the third trading day in a row after having found demand at 42.93 in the prior session and at 42.75 two days ago.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 43.86 where further buy stops might get triggered.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for MetLife. Out of 94 times, Met closed higher 56.38% 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 59.57% with an average market move of 1.15%.