JNPR climbs to highest close since June 8th
Juniper Networks Inc. (JNPR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
JNPR ended the month 11.02% higher at 25.38 after gaining $0.45 (1.81%) today, significantly outperforming the S&P 500 (0.77%). Today's close at 25.38 marks the highest recorded closing price since June 8th. Trading up to $0.37 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (JNPR as at Jul 31, 2020):
Friday's trading range has been $0.76 (3.04%), that's far above the last trading month's daily average range of $0.54. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for JNPR.
After trading down to 24.63 earlier during the day, the stock bounced off the key technical support level at 24.82 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Tuesday, JNPR gained 3.01% on the following trading day. After having been unable to move lower than 24.52 in the prior session, Juniper Networks found buyers again around the same price level today at 24.63.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 25.94 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Juniper Networks. Out of 385 times, JNPR closed higher 58.70% 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 six trading days, showing a win rate of 54.81% with an average market move of 0.20%.