VNOM finds buyers again around 7.95
Viper Energy Partners LP (VNOM) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
VNOM finished Wednesday at 8.27 gaining $0.32 (4.03%), notably outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 8.16, the market confirmed its breakout through the prior session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (VNOM as at Sep 16, 2020):
Wednesday's trading range has been $0.43 (5.38%), that's slightly above the last trading month's daily average range of $0.35. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VNOM.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
After having been unable to move lower than 7.89 in the previous session, the share found buyers again around the same price level today at 7.95. The last time this happened on September 9th, VNOM actually lost -7.72% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Viper Energy. Out of 415 times, VNOM closed higher 51.08% 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 three trading days, showing a win rate of 52.05% with an average market move of 0.28%.