EQIX closes above its opening price after recovering from early selling pressure
Equinix Inc. (EQIX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EQIX finished the month 0.67% higher at 702.30 after gaining $13.38 (1.94%) today, slightly outperforming the S&P 500 (1.54%). Trading up to $7.97 lower after the open, Equinix managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 10th, EQIX actually lost -5.01% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EQIX as at Jun 30, 2020):
Tuesday's trading range has been $14.40 (2.06%), that's below the last trading month's daily average range of $18.88. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EQIX.
Two candlestick patterns are matching today's price action, the Hammer which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Prices are trading close to the key technical resistance level at 714.00 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 682.94 where further sell stops could get triggered. With prices trading close to this year's high at 718.33, upside momentum might accelerate should the market be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for Equinix. Out of 19 times, EQIX closed higher 68.42% 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 68.42% with an average market move of 1.34%.