JEF rises to highest close since February 20, 2018
Jefferies Financial Group Inc. (JEF) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
JEF ended the week 1.73% higher at 23.47 after gaining $0.11 (0.47%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 23.47 marks the highest recorded closing price since February 20, 2018. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (JEF as at Feb 14, 2020):
Friday's trading range has been $0.26 (1.12%), that's far below the last trading month's daily average range of $0.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JEF. Prices continued to consolidate within a tight trading range between 23.20 and 23.51 where it has been caught now for the last three trading days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, 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 White Candle showed up on Tuesday, JEF gained 1.34% on the following trading day.
Prices are trading close to the key technical support level at 23.20 (S1). The stock found buyers again today around 23.22 for the third trading day in a row after having found demand at 23.20 in the previous session and at 23.25 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 23.20 where further sell stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Jefferies Financial. Out of 282 times, JEF closed lower 53.55% of the time on the next trading day after the market condition occurred.