VIAC climbs to highest close since February 19th
ViacomCBS Inc. (VIAC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VIAC finished Wednesday at 30.68 gaining $0.55 (1.83%), strongly outperforming the S&P 500 (-0.46%). Today's close at 30.68 marks the highest recorded closing price since February 19th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (VIAC as at Sep 16, 2020):
Wednesday's trading range has been $1.47 (4.84%), that's far above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VIAC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move lower than 29.87 in the prior session, ViacomCBS found buyers again around the same price level today at 29.93. The last time this happened on September 9th, VIAC gained 2.06% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 28.36.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for ViacomCBS. Out of 162 times, VIAC closed higher 52.47% 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 57.41% with an average market move of 0.76%.