VFC pushes through key resistance level
V.F. Corp. (VFC) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (VFC as at Apr 16, 2018):
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.
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.
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.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
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.