EQIX closes higher for the 7th day in a row
Equinix Inc. (EQIX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, EQIX finished the week 7.04% higher at 648.65 after surging $12.90 (2.03%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 648.65 marks the highest recorded closing price ever.
Daily Candlestick Chart (EQIX as at Feb 14, 2020):
Friday's trading range has been $15.94 (2.49%), that's far above the last trading month's daily average range of $10.85. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EQIX.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 605.25.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Equinix. Out of 160 times, EQIX closed higher 54.38% 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 60.63% with an average market move of 0.25%.