JNPR breaks below Thursday's low
Juniper Networks Inc. (JNPR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, JNPR ended the week 0.92% higher at 23.16 after losing $0.15 (-0.64%) today on low volume, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 23.29, the share confirmed its breakout through the prior session low after trading up to $0.39 below it intraday.
Daily Candlestick Chart (JNPR as at May 22, 2020):
Friday's trading range has been $0.51 (2.18%), that's below the last trading month's daily average range of $0.74. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JNPR.
After trading as low as 22.90 during the day, Juniper Networks found support at the 20-day moving average at 23.00. The last time this happened on November 26, 2019, JNPR actually lost -1.44% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 23.83 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 22.59 where further sell stops might get activated. As prices are trading close to May's high at 24.04, upside momentum could accelerate should the market mark new highs for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Juniper Networks. Out of 723 times, JNPR closed higher 55.46% 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 50.62% with an average market move of 0.23%.