VERI closes lower for the 2nd day in a row
Veritone Inc. (VERI) Technical Analysis Report for Jun 24, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, VERI ended Wednesday at 16.73 losing $0.68 (-3.91%) on high volume, strongly underperforming the S&P 500 (-2.59%). Closing below Tuesday's low at 17.21, the market confirmed its breakout through the prior session low after trading up to $2.96 below it intraday.
Daily Candlestick Chart (VERI as at Jun 24, 2020):
Wednesday's trading range has been $4.16 (23.8%), that's far above the last trading month's daily average range of $1.93. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for VERI.
Three candlestick patterns are matching today's price action, the Bearish Spinning Top, the Hanging Man and the Bearish High-Wave Candle which are known as bearish patterns. The last time a Bearish Spinning Top showed up on June 19th, VERI actually gained 9.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Its common bearish interpretation has been confirmed for Veritone. Out of 145 times, VERI closed lower 53.79% 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 10 trading days, showing a win rate of 67.59% with an average market move of -2.42%.