JNPR closes below its opening price unable to hold early session gains
Juniper Networks Inc. (JNPR) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, JNPR ended the week 1.31% higher at 27.87 after edging higher $0.05 (0.18%) today on high volume. Today's closing price of 27.87 marks the highest close since September 5th. Trading $0.41 higher after the open, the stock 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 failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (JNPR as at Sep 14, 2018):
Friday's trading range was $0.66 (2.36%), that's far above last trading month's daily average range of $0.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 27.67 during the day, the market bounced off the key support level at 27.80. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 28.33, the share closed below it after spiking as high as 28.33 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 28.33 during the day, Juniper Networks found resistance at the 20-day moving average at 28.14.
While JNPR is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
As prices are trading close to September's high at 28.42, upside momentum might speed up should the stock mark new highs for the month.