ANET tumbles, loses $11.87 (-4.26%) within a single day


Arista Networks Inc (ANET) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
ANET crashes, loses $11.87 (-4.26%) within a single day
ANET breaks key support level
ANET dominated by bears dragging the market lower throughout the day
ANET breaks below 20-day moving average
ANET finds buyers at key support level
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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.

Daily chart for ANET
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Arista Networks Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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