VIAB closes lower for the 5th day in a row
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.
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.
|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|
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