VC breaks back above 50-day moving average


Visteon Corporation (VC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

VC breaks back above 50-day moving average
VC dominated by bulls lifting the market higher throughout the day
VC unable to break through key resistance level
VC closes higher for the 2nd day in a row
VC pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, VC finished the month -4.86% lower at 68.50 after gaining $3.06 (4.68%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 67.05, Visteon confirmed its breakout through the previous session high after trading up to $1.72 above it intraday.

Daily Candlestick Chart (VC as at Jun 30, 2020):

Daily technical analysis candlestick chart for Visteon Corporation (VC) as at Jun 30, 2020

Tuesday's trading range has been $4.35 (6.69%), that's above the last trading month's daily average range of $3.77. 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 lower than usual for VC.

Despite a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.

The share managed to close back above the 50-day moving average at 66.87. When this moving average was crossed above the last time on April 29th, VC gained 1.88% on the following trading day. Unable to break through the key technical resistance level at 68.60 (R1), the stock closed below it after spiking up to 68.77 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.

VC shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Its common bullish interpretation has been confirmed for Visteon. Out of 56 times, VC closed higher 64.29% 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 seven trading days, showing a win rate of 67.86% with an average market move of 1.07%.


Market Conditions for VC as at Jun 30, 2020

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