VICI breaks below Thursday's low
VICI Properties Inc. (VICI) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
VICI ended the week -2.47% lower at 21.76 after losing $0.24 (-1.09%) today on low volume, significantly underperforming the S&P 500 (-0.07%). Closing below Thursday's low at 21.94, the share confirmed its breakout through the previous session low after trading up to $0.25 below it intraday.
Daily Candlestick Chart (VICI as at Sep 13, 2019):
Friday's trading range has been $0.50 (2.26%), that's far above the last trading month's daily average range of $0.31. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VICI.
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. Even with a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle. The last time this candlestick pattern showed up on August 20th, VICI actually gained 1.11% on the following trading day. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 21.64 (S1). After having been unable to move above 22.17 in the previous session, VICI Properties ran into sellers again around the same price level today, failing to move higher than 22.19.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 21.61 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for VICI Properties. Out of 83 times, VICI closed higher 56.63% 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 56.63% with an average market move of 0.84%.