ANET tumbles, loses $11.87 (-4.26%) within a single day
Arista Networks Inc (ANET) Technical Analysis Report for Jul 13, 2018
ANET ended the week 1.56% higher at 266.49 after tanking $11.87 (-4.26%) today on high volume. This is the biggest single day loss in over two weeks. Today's closing price of 266.49 marks the lowest close since July 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 270.67, the stock confirms its breakout through the previous session's low having traded $9.51 below it intraday.
Friday's trading range was $17.20 (6.18%), that's far above last trading month's daily average range of $8.52. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After trading as low as 261.16 during the day, Arista Networks bounced off the key support level at 262.33. The failure to close below the support could increase that levels importance as support going forward. Breaking below the key support level at 268.60 today, it is now likely to act as resistance going forward. After having been unable to move above 279.18 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 278.36. After trading as low as 261.16 during the day, the share found support at the 100-day moving average at 265.03.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. ANET broke below the 20-day moving average at 267.92 today for the first time since July 10th.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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