VIAC closes above its opening price after recovering from early selling pressure


ViacomCBS Inc. (VIAC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

VIAC closes above its opening price after recovering from early selling pressure
VIAC closes higher for the 2nd day in a row
VIAC runs into sellers again around 23.45
VIAC still stuck within tight trading range
VIAC closes within previous day's range after lackluster session

Overview

Moving higher for the 2nd day in a row, VIAC ended the month 12.44% higher at 23.32 after gaining $0.27 (1.17%) today on low volume, slightly underperforming the S&P 500 (1.54%). Trading up to $0.71 lower after the open, the share 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 missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (VIAC as at Jun 30, 2020):

Daily technical analysis candlestick chart for ViacomCBS Inc. (VIAC) as at Jun 30, 2020

Tuesday's trading range has been $0.92 (3.96%), that's below the last trading month's daily average range of $1.74. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for VIAC. Prices continued to consolidate within a tight trading range between 21.88 and 23.74 where it has been caught now for the whole last trading week.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns.

After having been unable to move above 23.39 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 23.45. The last time this happened on June 26th, VIAC actually gained 3.27% on the following trading day.

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying could speed up should prices move above the close-by swing high at 24.15 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 21.88 where further sell stops might get triggered.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for ViacomCBS. Out of 719 times, VIAC closed higher 51.46% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.14% with an average market move of 0.67%.


Market Conditions for VIAC as at Jun 30, 2020

Loading Market Conditions for VIAC (ViacomCBS Inc.)...
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