VERI closes within prior day's range
Veritone Inc. (VERI) Technical Analysis Report for Jun 19, 2020 | by Techniquant Editorial Team
VERI ended the week 34.37% higher at 16.89 after flat today on high volume, outperforming the S&P 500 (-0.56%). Trading $1.22 higher after the open, Veritone was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 10th, VERI lost -8.77% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (VERI as at Jun 19, 2020):
Friday's trading range has been $1.68 (9.84%), that's slightly above the last trading month's daily average range of $1.55. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for VERI.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 11.76.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Veritone. Out of 21 times, VERI closed higher 61.90% 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 10 trading days, showing a win rate of 61.90% with an average market move of 45.14%.