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VFC pushes through key resistance level


Technical Analysis Report for VFC - Apr 16, 2018 [1 min read]
Highlights
VFC pushes through key resistance level
VFC closes above its opening price after recovering from early selling pressure
VFC finds buyers again around 77.05
VFC closes within previous day's range after lackluster session
VFC ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

VFC ended Monday at 77.92 gaining $0.70 (0.91%). Trading up to $0.50 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for VFC
Volatility

Monday's trading range was $1.13 (1.46%), that's below last trading month's daily average range of $1.52. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, V. F. Corp. managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Breaking through the key resistance level at 77.91 today, it is now likely to act as support going forward. After having been unable to move lower than 76.84 in the prior session, the market found buyers again around the same price level today at 77.05.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 78.78 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 76.84 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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