VIAB dominated by bulls lifting the market higher throughout the day

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 Candlestick Chart (VIAB as at Apr 16, 2018):

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.

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.

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.

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.