VERI closes within previous day's range
Veritone Inc. (VERI) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, VERI ended Monday at 16.93 edging lower $0.22 (-1.28%), notably underperforming the S&P 500 (1.47%). Trading $0.69 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (VERI as at Jun 29, 2020):
Monday's trading range has been $1.82 (10.58%), that's slightly below the last trading month's daily average range of $2.14. 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 higher than usual for VERI. Prices continued to consolidate within a tight trading range between 16.07 and 18.68 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on June 24th, VERI actually gained 10.88% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.