JNPR breaks back above 200-day moving average
Juniper Networks Inc. (JNPR) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
JNPR finished Tuesday at 27.93 gaining $0.33 (1.2%), significantly outperforming the S&P 500 (0.05%). Today's close at 27.93 marks the highest recorded closing price since January 29th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (JNPR as at Apr 16, 2019):
Tuesday's trading range has been $0.46 (1.66%), that's slightly below the last trading month's daily average range of $0.47. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for JNPR.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 27.71. When this moving average was crossed above the last time on April 12th, JNPR actually lost -0.72% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could accelerate should prices move below the close-by swing low at 27.48 where further sell stops might get activated. With prices trading close to this year's high at 28.62, upside momentum could speed up should the stock be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Juniper Networks. Out of 41 times, JNPR closed higher 56.10% 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 70.73% with an average market move of 2.00%.