VXX closes below its opening price unable to hold early session gains
iPath S&P 500 VIX Short-Term Futures ETN (VXX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
VXX ended Thursday at 31.33 losing $1.06 (-3.27%). Today's closing price of 31.33 marks the lowest close since February 1st. Trading $0.33 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 31.44, the ETF confirms its breakout through the prior session's low having traded $0.53 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (VXX as at Jun 14, 2018):
Thursday's trading range was $0.92 (2.92%), that's below last trading month's daily average range of $1.37. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might speed up should prices move above the nearby swing high at 32.45 where further buy stops could get triggered.