JLL closes above its opening price after recovering from early selling pressure
Jones Lang LaSalle Incorporated (JLL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
JLL ended the week -0.8% lower at 171.34 after gaining $1.23 (0.72%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $1.26 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 170.75, the market confirmed its breakout through the prior session high after trading up to $0.87 above it intraday.
Daily Candlestick Chart (JLL as at Feb 14, 2020):
Friday's trading range has been $3.14 (1.85%), that's slightly below the last trading month's daily average range of $3.71. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for JLL.
In spite of a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Jones Lang managed to close back above the 50-day moving average at 171.25. When this moving average was crossed above the last time on February 3rd, JLL gained 0.95% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to 2018's high at 178.75 we might see further upside momentum if potential buy stops at the level get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Jones Lang. Out of 263 times, JLL closed higher 51.71% 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 59.70% with an average market move of 0.76%.