Hit rises to highest close since August 12th
MetLife Inc. (MET) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, Met finished the week 3.77% higher at 39.67 after gaining $0.35 (0.89%) today on high volume, significantly outperforming the S&P 500 (-1.12%). Today's close at 39.67 marks the highest recorded closing price since August 12th. Closing above Thursday's high at 39.48, the stock confirmed its breakout through the previous session high after trading up to $0.62 above it intraday.
Daily Candlestick Chart (MET as at Sep 18, 2020):
Friday's trading range has been $0.95 (2.42%), that's slightly below the last trading month's daily average range of $1.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for Hit.
Buyers managed to take out the key technical resistance level at 39.32 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 40.24 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for MetLife. Out of 227 times, Met closed higher 50.22% 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 57.71% with an average market move of 0.50%.