VIAV closes higher for the 4th day in a row
Viavi Solutions Inc. (VIAV) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, VIAV ended Wednesday at 12.08 gaining $0.16 (1.34%), strongly outperforming the S&P 500 (-0.46%).
Daily Candlestick Chart (VIAV as at Sep 16, 2020):
Wednesday's trading range has been $0.23 (1.92%), that's below the last trading month's daily average range of $0.33. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VIAV.
Unable to break through the key technical resistance level at 12.09 (R1), the share closed below it after spiking up to 12.16 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on August 28th, VIAV actually gained 0.98% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Viavi Solutions. Out of 72 times, VIAV closed lower 56.94% of the time on the next trading day after the market condition occurred.