VFC dominated by bulls lifting the market higher throughout the day
V.F. Corporation (VFC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VFC finished Thursday at 61.93 gaining $3.88 (6.68%), slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 60.39, the market confirmed its breakout through the prior session high after trading up to $2.05 above it intraday.
Daily Candlestick Chart (VFC as at Mar 26, 2020):
Thursday's trading range has been $4.80 (8.26%), that's slightly below the last trading month's daily average range of $5.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for VFC.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 58.54 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, VFC gained 10.72% on the following trading day. After spiking up to 62.44 during the day, the share found resistance at the 20-day moving average at 62.06.
Though the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for V. F.. Out of 247 times, VFC closed higher 55.87% 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 62.75% with an average market move of 0.96%.