JNPR closes within prior day's range
Juniper Networks Inc. (JNPR) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
JNPR finished Wednesday at 24.48 edging higher $0.02 (0.08%) on low volume, slightly underperforming the S&P 500 (0.19%). Trading up to $0.12 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (JNPR as at Jan 15, 2020):
Wednesday's trading range has been $0.27 (1.1%), that's slightly below the last trading month's daily average range of $0.29. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for JNPR.
Four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.
Prices are trading close to the key technical support level at 24.28 (S1). After having been unable to move lower than 24.35 in the prior session, the market found buyers again around the same price level today at 24.35. The last time this happened on January 10th, JNPR gained 1.57% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
With prices trading close to this year's high at 24.90, upside momentum could speed up should the share be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Juniper Networks. Out of 16 times, JNPR closed lower 50.00% 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 75.00% with an average market move of -2.95%.