JEF slips to lowest close since July 10th
Jefferies Financial Group Inc. (JEF) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, JEF finished the month 4.18% higher at 16.20 after losing $0.09 (-0.55%) today, notably underperforming the S&P 500 (0.77%). Today's close at 16.20 marks the lowest recorded closing price since July 10th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (JEF as at Jul 31, 2020):
Friday's trading range has been $0.42 (2.58%), that's slightly below the last trading month's daily average range of $0.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JEF.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After having been unable to move above 16.43 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 16.42. The last time this happened on July 24th, JEF lost -0.24% on the following trading day.
Jefferies Financial shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Jefferies Financial. Out of 308 times, JEF closed higher 51.30% of the time on the next trading day after the market condition occurred.