FFIV closes higher for the 3rd day in a row
F5 Networks Inc. (FFIV) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FFIV ended the week -2.72% lower at 153.69 after gaining $0.51 (0.33%) today, slightly underperforming the S&P 500 (0.5%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FFIV as at Mar 15, 2019):
Friday's trading range has been $1.64 (1.07%), that's far below the last trading month's daily average range of $2.86. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FFIV.
Prices are trading close to the key technical resistance level at 156.53 (R1). After having been unable to move above 154.68 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 155.12. The last time this happened on February 28th, FFIV lost -0.96% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for F5 Networks. Out of 515 times, FFIV closed higher 59.03% 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 56.89% with an average market move of 1.18%.