JBH.AX finds buyers again around 20.99
JB Hi-Fi Limited (JBH.AX) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JBH.AX ended the week 5.68% higher at 21.58 after gaining $0.54 (2.57%) today, significantly outperforming the ASX 200 (-0.36%). Closing above Thursday's high at 21.47, the stock confirmed its breakout through the previous session high after trading up to $0.48 above it intraday.
Daily Candlestick Chart (JBH.AX as at Jan 11, 2019):
Friday's trading range has been $0.96 (4.57%), that's slightly above the last trading month's daily average range of $0.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for JBH.AX.
Despite a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on December 17, 2018, JBH.AX actually lost -3.35% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
After spiking up to 21.95 during the day, JB Hi-Fi found resistance at the 20-day moving average at 21.80. After having been unable to move lower than 20.90 in the previous session, the market found buyers again around the same price level today at 20.99.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for JB Hi-Fi. Out of 73 times, JBH.AX closed lower 54.79% of the time on the next trading day after the market condition occurred.