JCOM finds buyers again around 65.05
j2 Global Inc. (JCOM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
JCOM ended Thursday at 69.71 gaining $3.83 (5.81%), slightly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 68.78, the share confirmed its breakout through the prior session high after trading up to $2.21 above it intraday.
Daily Candlestick Chart (JCOM as at Mar 26, 2020):
Thursday's trading range has been $5.94 (8.97%), that's slightly above the last trading month's daily average range of $5.28. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for JCOM.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, JCOM actually lost -9.96% on the following trading day.
Prices are trading close to the key technical resistance level at 74.24 (R1). After having been unable to move lower than 64.33 in the previous session, j2 Global found buyers again around the same price level today at 65.05.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for j2 Global. Out of 576 times, JCOM closed higher 53.47% 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 52.43% with an average market move of 0.43%.