VIRT pushes through Wednesday's high
Virtu Financial Inc. (VIRT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VIRT finished Thursday at 22.75 surging $1.59 (7.51%) on low volume, significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 22.34, the share confirmed its breakout through the previous session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (VIRT as at Mar 26, 2020):
Thursday's trading range has been $1.81 (8.45%), that's slightly below the last trading month's daily average range of $2.04. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for VIRT.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 20-day moving average at 21.52 for the first time since March 20th. When this moving average was crossed above the last time on March 20th, VIRT actually lost -2.71% on the following trading day. Prices are trading close to the key technical resistance level at 23.06 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Virtu Financial. Out of 77 times, VIRT closed lower 51.95% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 67.53% with an average market move of -2.14%.