JLL closes below its opening price unable to hold early session gains
Jones Lang LaSalle Incorporated (JLL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
JLL finished Wednesday at 106.93 edging lower $0.07 (-0.07%), but still slightly outperforming the S&P 500 (-0.46%). Trading $1.71 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (JLL as at Sep 16, 2020):
Wednesday's trading range has been $3.13 (2.9%), that's slightly below the last trading month's daily average range of $3.33. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JLL.
Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle. The last time this candlestick pattern showed up on September 10th, JLL lost -0.14% on the following trading day.
Prices are trading close to the key technical support level at 105.40 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Engulfing Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Jones Lang. Out of 83 times, JLL closed higher 57.83% 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 61.45% with an average market move of 1.37%.