EQIX misses to close above 50-day moving average
Equinix Inc. (EQIX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EQIX ended Thursday at 587.58 gaining $33.66 (6.08%), slightly underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EQIX as at Mar 26, 2020):
Thursday's trading range has been $52.29 (9.35%), that's above the last trading month's daily average range of $42.75. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EQIX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, EQIX gained 1.47% on the following trading day.
The stock managed to close back above the 200-day moving average at 560.75 for the first time since March 18th. After spiking up to 604.25 during the day, the share found resistance at the 50-day moving average at 599.04.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 657.00, upside momentum could accelerate should Equinix be able to break out to new highs for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Equinix. Out of 51 times, EQIX closed higher 60.78% 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 68.63% with an average market move of 2.04%.