VNO ends the day on a bearish note closing near the low of the day
Vornado Realty Trust (VNO) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, VNO finished Thursday at 66.25 losing $0.39 (-0.59%). Today's closing price of 66.25 marks the lowest close since April 26th. Trading $0.59 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 66.58, Vornado Realty confirms its breakout through the prior session's low having traded $0.52 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (VNO as at May 17, 2018):
Thursday's trading range was $1.09 (1.64%), that's slightly below last trading month's daily average range of $1.25. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 66.36 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 64.13, downside momentum might accelerate should the share break out to new lows for the year. Further selling could move prices lower should the market test April's close-by low at 64.53.