VMW closes lower for the 2nd day in a row


Vmware Inc. Class A (VMW) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team

Highlights

VMW dominated by bears dragging the market lower throughout the day
VMW closes lower for the 2nd day in a row
VMW breaks below Monday's low

Overview

Moving lower for the 2nd day in a row, VMW finished Tuesday at 189.84 losing $2.30 (-1.2%) on low volume, significantly underperforming the S&P 500 (0.05%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 191.21, Vmware confirmed its breakout through the prior session low after trading up to $2.74 below it intraday.

Daily Candlestick Chart (VMW as at Apr 16, 2019):

Daily technical analysis candlestick chart for Vmware Inc. Class A (VMW) as at Apr 16, 2019

Tuesday's trading range has been $4.41 (2.29%), that's above the last trading month's daily average range of $3.73. 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 lower than usual for VMW.

Regardless of a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Belt-hold and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on April 4th, VMW actually gained 2.43% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Belt-hold" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Vmware. Out of 16 times, VMW closed higher 62.50% 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 56.25% with an average market move of 0.36%.


Market Conditions for VMW as at Apr 16, 2019

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