VERI closes within prior day's range after lackluster session
Veritone Inc. (VERI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
VERI ended Wednesday at 7.71 edging lower $0.09 (-1.15%), underperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (VERI as at Sep 16, 2020):
Wednesday's trading range has been $0.43 (5.42%), that's far below the last trading month's daily average range of $0.74. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VERI.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on September 11th, VERI actually gained 6.28% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for Veritone. Out of 202 times, VERI closed lower 58.42% 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 60.40% with an average market move of 0.42%.