VFC closes higher for the 5th day in a row
V.F. Corporation (VFC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, VFC ended Wednesday at 76.44 gaining $1.65 (2.21%), strongly outperforming the S&P 500 (-0.46%). Today's close at 76.44 marks the highest recorded closing price since February 25th. Closing above Tuesday's high at 76.24, V. F. confirmed its breakout through the prior session high after trading up to $1.06 above it intraday.
Daily Candlestick Chart (VFC as at Sep 16, 2020):
Wednesday's trading range has been $2.72 (3.63%), that's above the last trading month's daily average range of $2.28. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for VFC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, VFC gained 2.16% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 67.49.
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 Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for V. F.. Out of 480 times, VFC closed higher 55.21% 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 56.25% with an average market move of 0.44%.