VIAB dominated by bulls lifting the market higher throughout the day


Viacom Inc. (VIAB) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
VIAB rallies 2.48% closing $0.76 higher
VIAB dominated by bulls lifting the market higher throughout the day
VIAB finds buyers at key support level
VIAB pushes through 100-day moving average
VIAB finds support at 20-day moving average
TQ Sentiment
Report Sentiment: 70% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, VIAB ended Monday at 31.46 surging $0.76 (2.48%). This is the biggest single day gain in over a week. Today's closing price of 31.46 marks the highest close since March 16th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 30.87, the share confirms its breakout through the previous session's high having traded $0.60 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for VIAB
Volatility

Monday's trading range was $0.86 (2.79%), that's slightly below last trading month's daily average range of $0.89. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 30.61 during the day, Viacom Inc. bounced off the key support level at 30.83. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 31.72. After trading as low as 30.61 during the day, the stock found support at the 20-day moving average at 30.71.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. VIAB managed to break above the 100-day moving average at 31.11 today for the first time since April 5th.

Order Flow

As prices are trading close to April's high at 31.64, upside momentum might accelerate should the share mark new highs for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Viacom Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
7 Consecutive Lower Closes TQ Pro Members Only
Bounced off Technical Resistance R2 TQ Pro Members Only
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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