SJM dominated by bulls lifting the market higher throughout the day


J.M. Smucker Company (SJM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

SJM pushes through key technical resistance level
SJM dominated by bulls lifting the market higher throughout the day
SJM finds buyers again around 107.61
SJM pushes through Thursday's high

Overview

SJM finished the week 1.64% higher at 110.00 after surging $2.28 (2.12%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 108.67, J. M. Smucker confirmed its breakout through the previous session high after trading up to $1.78 above it intraday.

Daily Candlestick Chart (SJM as at Feb 14, 2020):

Daily technical analysis candlestick chart for J.M. Smucker Company (SJM) as at Feb 14, 2020

Friday's trading range has been $2.84 (2.63%), that's far above the last trading month's daily average range of $1.86. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SJM.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 109.07 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 111.26 (R1). After having been unable to move lower than 107.40 in the prior session, the share found buyers again around the same price level today at 107.61. The last time this happened on Wednesday, SJM actually lost -1.60% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 111.26 where further buy stops might get activated.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for J. M. Smucker. Out of 302 times, SJM closed higher 51.32% 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 58.28% with an average market move of 0.69%.


Market Conditions for SJM as at Feb 14, 2020

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