VRSK closes below its opening price unable to hold early session gains


Verisk Analytics Inc. (VRSK) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team

Highlights

VRSK closes below its opening price unable to hold early session gains
VRSK finds buyers again around 137.07
VRSK closes within previous day's range after lackluster session

Overview

VRSK ended the week 10.88% higher at 137.77 after losing $4.33 (-3.05%) today on low volume, but still outperforming the Nasdaq 100 (-3.91%). Trading $4.03 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (VRSK as at Mar 27, 2020):

Daily technical analysis candlestick chart for Verisk Analytics Inc. (VRSK) as at Mar 27, 2020

Friday's trading range has been $6.06 (4.36%), that's far below the last trading month's daily average range of $10.65. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for VRSK.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Shooting Star.

After having been unable to move lower than 135.54 in the prior session, the stock found buyers again around the same price level today at 137.07. The last time this happened on March 13th, VRSK actually lost -10.68% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 143.48 where further buy stops might get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Verisk Analytics. Out of 472 times, VRSK closed higher 55.93% 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 60.81% with an average market move of 0.90%.


Market Conditions for VRSK as at Mar 27, 2020

Loading Market Conditions for VRSK (Verisk Analytics Inc.)...
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