VIAB closes lower for the 5th day in a row


Viacom Inc. (VIAB) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
VIAB closes below its opening price unable to hold early session gains
VIAB unable to break through key resistance level
VIAB closes lower for the 5th day in a row
VIAB runs into sellers again around 29.10
VIAB breaks below previous session low
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, VIAB ended Thursday at 28.16 losing $0.11 (-0.39%) on high volume. Today's closing price of 28.16 marks the lowest close since November 28, 2017. Trading $0.83 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 28.19, the stock confirms its breakout through the previous session's low having traded $0.63 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for VIAB
Volatility

Thursday's trading range was $1.54 (5.45%), that's above last trading month's daily average range of $1.02. Weekly volatility is also higher, being above the markets average with the monthly volatility being above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 28.65, Viacom Inc. closed below it after spiking as high as 29.10 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 29.01 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 29.10.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Viacom Inc.
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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