VNO closes lower for the 4th day in a row
Vornado Realty Trust (VNO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, VNO finished the week -3.31% lower at 34.15 after losing $1.60 (-4.48%) today, significantly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 35.52, the share confirmed its breakout through the prior session low after trading up to $1.55 below it intraday.
Daily Candlestick Chart (VNO as at May 22, 2020):
Friday's trading range has been $2.30 (6.43%), that's slightly above the last trading month's daily average range of $2.11. 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 VNO.
One bearish candlestick pattern matches today's price action, the Black Candle.
Unable to break through the key technical resistance level at 36.00 (R1), the stock closed below it after spiking up to 36.27 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on May 5th, VNO lost -7.41% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test April's nearby low at 30.31.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Vornado Realty. Out of 269 times, VNO closed higher 52.04% of the time on the next trading day after the market condition occurred.