VNO drops to lowest close since May 22nd
Vornado Realty Trust (VNO) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, VNO finished the month -9.66% lower at 34.52 after losing $0.72 (-2.04%) today on high volume, strongly underperforming the S&P 500 (0.77%). Today's close at 34.52 marks the lowest recorded closing price since May 22nd. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (VNO as at Jul 31, 2020):
Friday's trading range has been $1.22 (3.48%), that's below the last trading month's daily average range of $1.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VNO.
Prices broke below the key technical support level at 34.81 (now R1), which is likely to act as resistance going forward. The last time this happened on July 23rd, VNO lost -1.85% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three 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 270 times, VNO closed higher 52.59% of the time on the next trading day after the market condition occurred.