VERI pops to highest close since June 20, 2018
Veritone Inc. (VERI) Technical Analysis Report for Jun 25, 2020 | by Techniquant Editorial Team
VERI finished Thursday at 18.55 gaining $1.82 (10.88%), significantly outperforming the S&P 500 (1.1%). Today's close at 18.55 marks the highest recorded closing price since June 20, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 18.41, the share confirmed its breakout through the prior session high after trading up to $0.14 above it intraday.
Daily Candlestick Chart (VERI as at Jun 25, 2020):
Thursday's trading range has been $2.44 (14.44%), that's slightly above the last trading month's daily average range of $2.02. 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.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns.
After having been unable to move above 18.41 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 18.55. The last time this happened on June 17th, VERI actually gained 22.30% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 19.67 where further buy stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Closing Marubozu" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Veritone. Out of 4 times, VERI closed lower 75.00% 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 six trading days, showing a win rate of 75.00% with an average market move of 1.22%.