VERI climbs to highest close since November 26, 2019
Veritone Inc. (VERI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VERI finished the week 27.57% higher at 3.10 after surging $0.24 (8.39%) today on high volume, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 3.10 marks the highest recorded closing price since November 26, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (VERI as at Feb 14, 2020):
Friday's trading range has been $0.25 (8.56%), that's far above the last trading month's daily average range of $0.17. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VERI.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 3.04 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 3.25 (R1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 2.41.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for Veritone. Out of 10 times, VERI closed lower 70.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after three trading days, showing a win rate of 70.00% with an average market move of -1.89%.