JNPR dominated by bulls lifting the market higher throughout the day
Juniper Networks Inc. (JNPR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JNPR finished the month -5.77% lower at 22.86 after gaining $0.31 (1.37%) today, slightly underperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 22.56, the market confirmed its breakout through the prior session high after trading up to $0.38 above it intraday.
Daily Candlestick Chart (JNPR as at Jun 30, 2020):
Tuesday's trading range has been $0.39 (1.73%), that's below the last trading month's daily average range of $0.63. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for JNPR.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 8th, JNPR actually lost -2.04% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Juniper Networks. Out of 326 times, JNPR closed lower 51.23% 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 50.00% with an average market move of 0.12%.