JNPR breaks above 20-day moving average for the first time since February 21st
Juniper Networks Inc. (JNPR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
JNPR ended Thursday at 20.41 gaining $0.99 (5.1%) on low volume, strongly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 20.22, the stock confirmed its breakout through the prior session high after trading up to $0.31 above it intraday.
Daily Candlestick Chart (JNPR as at Mar 26, 2020):
Thursday's trading range has been $1.31 (6.73%), that's slightly below the last trading month's daily average range of $1.40. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for JNPR.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 20-day moving average at 19.96 for the first time since February 21st. Prices are trading close to the key technical resistance level at 20.58 (R1). After having been unable to move lower than 19.31 in the previous session, the market found buyers again around the same price level today at 19.22. The last time this happened on March 20th, JNPR actually lost -2.04% on the following trading day.
While Juniper Networks is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Juniper Networks. Out of 550 times, JNPR closed higher 53.45% 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 seven trading days, showing a win rate of 54.18% with an average market move of 0.16%.