VICI ends the day on a bullish note closing near the high of the day
VICI Properties Inc. (VICI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, VICI ended the week 3.65% higher at 28.11 after gaining $0.22 (0.79%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 28.11 marks the highest recorded closing price ever. Trading up to $0.10 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, VICI gained 0.61% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (VICI as at Feb 14, 2020):
Friday's trading range has been $0.28 (1.0%), that's slightly below the last trading month's daily average range of $0.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VICI.
One bullish candlestick pattern matches today's price action, the White Candle.
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 although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 26.97.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for VICI Properties. Out of 51 times, VICI closed higher 72.55% 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 60.78% with an average market move of 0.80%.