VERI runs into sellers around 18.68 for the third day in a row
Veritone Inc. (VERI) Technical Analysis Report for Jun 26, 2020 | by Techniquant Editorial Team
VERI finished the week 1.54% higher at 17.15 after losing $1.40 (-7.55%) today on high volume, strongly underperforming the S&P 500 (-2.42%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (VERI as at Jun 26, 2020):
Friday's trading range has been $2.03 (11.11%), that's slightly below the last trading month's daily average range of $2.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for VERI.
After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 17th, VERI actually gained 22.30% on the following trading day.
Veritone ran into sellers again today around 18.68 for the third trading day in a row after having found sellers at 18.55 in the prior session and at 18.41 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Veritone. Out of 9 times, VERI closed higher 66.67% 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 55.56% with an average market move of 6.79%.