Boston Properties (BXP) was cut to an equal weight (hold) rating by Barclays on Thursday. Let's review the charts and indicators of this REIT.
In this daily bar chart of BXP, below, I can see that prices have been in a downtrend the past 12 months. BXP trades below both the declining 50-day moving average line and below the declining 200-day line.
The On-Balance-Volume (OBV) line shows weakness and tells me that sellers of BXP have been more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is in a bearish alignment below the zero line.
In this weekly Japanese candlestick chart of BXP, below, I can see a longer-term downward trend the past 12 months. Trading volume has increased the past year telling me that traders are voting with their feet. The weekly OBV line is very weak and confirms the decline. The MACD oscillator is bearish.
In this daily Point and Figure chart of BXP, below, I can see that BXP has a nearby price target of $49.
In this weekly Point and Figure chart of BXP, below, a price target of $21 is shown. Ouch.
Bottom line strategy: Similar to my thoughts on SL Green Realty ( SLG) traders should avoid the long side of BXP.
