JKHY dominated by bulls lifting the market higher throughout the day


Jack Henry & Associates Inc. (JKHY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

JKHY breaks back above 200-day moving average
JKHY dominated by bulls lifting the market higher throughout the day
JKHY fails to close above 100-day moving average
JKHY pushes through Wednesday's high

Overview

JKHY finished Thursday at 151.01 gaining $9.15 (6.45%) on low volume, slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 146.04, Jack Henry confirmed its breakout through the previous session high after trading up to $7.16 above it intraday.

Daily Candlestick Chart (JKHY as at Mar 26, 2020):

Daily technical analysis candlestick chart for Jack Henry & Associates Inc. (JKHY) as at Mar 26, 2020

Thursday's trading range has been $11.86 (8.34%), that's slightly above the last trading month's daily average range of $10.51. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for JKHY.

One bullish candlestick pattern matches today's price action, the White Candle.

The share managed to close back above the 200-day moving average at 146.82 for the first time since March 19th. When this moving average was crossed above the last time on August 7, 2019, JKHY gained 2.73% on the following trading day. After spiking up to 153.20 during the day, the market found resistance at the 100-day moving average at 152.41.

Though the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Jack Henry. Out of 13 times, JKHY closed higher 53.85% 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 76.92% with an average market move of 1.81%.


Market Conditions for JKHY as at Mar 26, 2020

Loading Market Conditions for JKHY (Jack Henry & Associates Inc.)...
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