VERI pushes through Friday's high
Veritone Inc. (VERI) Technical Analysis Report for Jun 22, 2020 | by Techniquant Editorial Team
VERI finished Monday at 18.42 gaining $1.53 (9.06%), significantly outperforming the S&P 500 (0.65%). Today's close at 18.42 marks the highest recorded closing price since June 20, 2018. Closing above Friday's high at 18.30, the stock confirmed its breakout through the previous session high after trading up to $0.88 above it intraday.
Daily Candlestick Chart (VERI as at Jun 22, 2020):
Monday's trading range has been $3.05 (18.12%), that's far above the last trading month's daily average range of $1.66. 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.
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. The last time this happened on June 15th, VERI gained 5.71% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Crossing above the upper Bollinger Band for the first time since June 18th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 12.28 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven 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 22 times, VERI closed higher 63.64% 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 59.09% with an average market move of 45.14%.