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VAR closes higher for the 2nd day in a row


Technical Analysis Report for VAR - May 17, 2018 [< 1 min read]
Highlights
VAR closes above its opening price after recovering from early selling pressure
VAR closes higher for the 2nd day in a row
VAR closes within previous day's range
VAR ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, VAR finished Thursday at 118.27 gaining $0.33 (0.28%). Trading up to $0.63 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for VAR
Volatility

Thursday's trading range was $1.30 (1.1%), that's slightly below last trading month's daily average range of $2.33. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 119.10.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the close-by swing high at 118.82 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 116.63 where further sell stops might get activated.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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