VRSK dominated by bears dragging the market lower throughout the day

Verisk Analytics Inc. (VRSK) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


VRSK dominated by bears dragging the market lower throughout the day
VRSK closes within previous day's range


VRSK finished Wednesday at 186.79 losing $1.05 (-0.56%) on low volume, but still significantly outperforming the Nasdaq 100 (-1.67%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (VRSK as at Sep 16, 2020):

Daily technical analysis candlestick chart for Verisk Analytics Inc. (VRSK) as at Sep 16, 2020

Wednesday's trading range has been $3.13 (1.65%), that's slightly below the last trading month's daily average range of $3.64. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VRSK.

Two candlestick patterns are matching today's price action, the Black Candle and the Dark Cloud Cover which are both known as bearish patterns. The last time a Black Candle showed up on September 8th, VRSK actually gained 2.73% on the following trading day.

Prices are trading close to the key technical resistance level at 188.12 (R1).

Though the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

With prices trading close to this year's high at 193.61, upside momentum could accelerate should the share be able to break out to new highs for the year.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Verisk Analytics. Out of 436 times, VRSK closed higher 57.34% 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 62.16% with an average market move of 1.11%.

Market Conditions for VRSK as at Sep 16, 2020

Loading Market Conditions for VRSK (Verisk Analytics Inc.)...
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VRSK breaks below Thursday's low

Sep 18, 2020
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