VNO breaks above 100-day moving average for the first time since February 18th
Vornado Realty Trust (VNO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, VNO ended Wednesday at 37.81 surging $1.69 (4.68%), strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on Monday, VNO gained 2.38% on the following trading day. Today's close at 37.81 marks the highest recorded closing price since July 15th. Closing above Tuesday's high at 37.43, the market confirmed its breakout through the previous session high after trading up to $0.74 above it intraday.
Daily Candlestick Chart (VNO as at Sep 16, 2020):
Wednesday's trading range has been $2.26 (6.22%), that's far above the last trading month's daily average range of $1.41. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VNO.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 100-day moving average at 37.36 for the first time since February 18th. Prices are trading close to the key technical resistance level at 38.31 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to July's high at 39.98 we might see further upside momentum if potential buy stops at the level get activated.
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 100" stand out. Its common bullish interpretation has been confirmed for Vornado Realty. Out of 52 times, VNO closed higher 57.69% 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 59.62% with an average market move of 0.34%.