VFC closes above its opening price after recovering from early selling pressure
V.F. Corporation (VFC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VFC finished the month 8.63% higher at 60.94 after gaining $0.58 (0.96%) today, underperforming the S&P 500 (1.54%). Trading up to $0.82 lower after the open, V. F. managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 60.70, the share confirmed its breakout through the prior session high after trading up to $0.41 above it intraday.
Daily Candlestick Chart (VFC as at Jun 30, 2020):
Tuesday's trading range has been $2.01 (3.35%), that's below the last trading month's daily average range of $2.68. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VFC.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on June 25th, VFC actually lost -4.46% on the following trading day.
After trading down to 59.10 earlier during the day, the market bounced off the key technical support level at 59.21 (S1). The failure to close below the support might increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 62.70 (R1). After having been unable to move above 60.70 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 61.11.
VFC shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for V. F.. Out of 81 times, VFC closed higher 58.02% 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 58.02% with an average market move of 1.10%.