VOD closes higher for the 2nd day in a row
Vodafone Group Plc (VOD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VOD ended the month -3.45% lower at 15.94 after gaining $0.20 (1.27%) today, underperforming the Nasdaq 100 (1.96%).
Daily Candlestick Chart (VOD as at Jun 30, 2020):
Tuesday's trading range has been $0.19 (1.2%), that's far below the last trading month's daily average range of $0.34. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VOD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 23rd, VOD lost -2.37% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Vodafone Group. Out of 361 times, VOD closed lower 52.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.52% with an average market move of -0.42%.