VEEV closes within prior day's range
Veeva Systems Inc (VEEV) Technical Analysis Report for Aug 10, 2018
Moving higher for the 5th day in a row, VEEV ended the week 4.94% higher at 83.51 after gaining $0.48 (0.58%) today. Today's closing price of 83.51 marks the highest close since July 23rd. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (VEEV as at Aug 10, 2018):
Friday's trading range was $2.82 (3.42%), that's slightly above last trading month's daily average range of $2.48. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 83.64, Veeva Systems closed below it after spiking as high as 84.50 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 81.70 in the prior session, the stock found buyers again around the same price level today at 81.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 85.00, upside momentum might speed up should the market be able to break out to new highs for the year.