JW-A climbs to highest close since March 4th
John Wiley & Sons Inc. (JW-A) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
JW-A ended Tuesday at 46.41 gaining $0.45 (0.98%) on low volume, outperforming the S&P 500 (0.05%). Today's close at 46.41 marks the highest recorded closing price since March 4th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (JW-A as at Apr 16, 2019):
Tuesday's trading range has been $0.57 (1.24%), that's below the last trading month's daily average range of $0.86. 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 lower than usual for JW-A.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After trading down to 45.95 earlier during the day, the market bounced off the key technical support level at 46.08 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move above 46.44 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 46.52. The last time this happened on April 9th, JW-A actually gained 3.37% on the following trading day.
While John Wiley is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 46.76 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 45.76 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for John Wiley. Out of 89 times, JW-A closed higher 55.06% 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 57.30% with an average market move of 0.39%.