JCI closes higher for the 2nd day in a row
Johnson Controls International plc (JCI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JCI finished the month 8.69% higher at 34.14 after gaining $0.32 (0.95%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 33.92, the stock confirmed its breakout through the prior session high after trading up to $0.39 above it intraday.
Daily Candlestick Chart (JCI as at Jun 30, 2020):
Tuesday's trading range has been $0.75 (2.23%), that's below the last trading month's daily average range of $1.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for JCI.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on June 2nd, JCI gained 3.77% on the following trading day.
Prices are trading close to the key technical support level at 33.77 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Johnson Controls. Out of 85 times, JCI closed higher 52.94% 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 five trading days, showing a win rate of 58.82% with an average market move of 0.67%.