MET closes above its opening price after recovering from early selling pressure
MetLife Inc. (MET) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
MET finished Monday at 47.39 gaining $0.47 (1.0%) on low volume. Today's closing price of 47.39 marks the highest close since March 9th. Trading up to $0.31 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 past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MET as at Apr 16, 2018):
Monday's trading range was $0.52 (1.1%), that's far below last trading month's daily average range of $0.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 46.43 and 47.54 which it has been in now for the last three days.
After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Prices are trading close to the key resistance level at 47.67. After having been unable to move above 47.49 in the prior session, MetLife Inc. ran into sellers again around the same price level today, failing to move higher than 47.54.
Although the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Trading close to February's high at 48.27 we might see further upside momentum if potential buy stops at the level get activated.