VNO runs into sellers again around 37.29
Vornado Realty Trust (VNO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, VNO ended Thursday at 37.04 gaining $2.49 (7.21%), outperforming the S&P 500 (6.24%). Trading up to $1.32 lower after the open, Vornado Realty managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 37.00, the share confirmed its breakout through the prior session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (VNO as at Mar 26, 2020):
Thursday's trading range has been $3.40 (9.66%), that's slightly below the last trading month's daily average range of $3.53. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for VNO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, VNO actually lost -9.85% on the following trading day.
After having been unable to move above 37.00 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 37.29.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Vornado Realty. Out of 509 times, VNO closed higher 53.24% 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 two trading days, showing a win rate of 54.22% with an average market move of 0.01%.