JLL breaks below Thursday's low
Jones Lang LaSalle Incorporated (JLL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
JLL finished the week 8.7% higher at 93.57 after losing $4.65 (-4.73%) today on low volume, notably underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 95.87, the stock confirmed its breakout through the previous session low after trading up to $2.98 below it intraday.
Daily Candlestick Chart (JLL as at May 22, 2020):
Friday's trading range has been $5.55 (5.64%), that's slightly above the last trading month's daily average range of $4.98. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JLL.
Notwithstanding a strong opening Jones Lang closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Belt-hold and the Black Candle which are both known as bearish patterns.
After having been unable to move above 99.09 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 98.44. The last time this happened on Tuesday, JLL actually gained 3.04% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 99.09 where further buy stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Belt-hold" stand out. Its common bearish interpretation has been confirmed for Jones Lang. Out of 30 times, JLL closed lower 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 60.00% with an average market move of -0.10%.