FFIV dominated by bulls lifting the market higher throughout the day
F5 Networks Inc. (FFIV) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FFIV ended the week -0.86% lower at 135.82 after gaining $1.86 (1.39%) today, strongly outperforming the S&P 500 (-0.9%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (FFIV as at Jan 24, 2020):
Friday's trading range has been $1.89 (1.41%), that's slightly below the last trading month's daily average range of $2.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FFIV.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 134.59 (now S1), which is likely to act as support going forward. The last time this happened on January 16th, FFIV actually lost -1.21% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for F5 Networks. Out of 321 times, FFIV closed higher 57.01% 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 54.21% with an average market move of 0.60%.