VRSN closes higher for the 2nd day in a row
VeriSign Inc. (VRSN) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VRSN ended the week 2.19% higher at 181.62 after gaining $0.19 (0.1%) today on high volume, slightly underperforming the S&P 500 (0.5%). Today's close at 181.62 marks the highest recorded closing price since October 9, 2000. Closing above Thursday's high at 181.56, VeriSign confirmed its breakout through the prior session high after trading up to $1.87 above it intraday.
Daily Candlestick Chart (VRSN as at Mar 15, 2019):
Friday's trading range has been $2.57 (1.42%), that's slightly above the last trading month's daily average range of $2.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VRSN.
Three candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Gravestone Doji showed up on December 19, 2018, VRSN lost -1.80% on the following trading day.
Prices are trading close to the key technical support level at 180.21 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 180.00 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for VeriSign. Out of 66 times, VRSN closed higher 65.15% 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 62.12% with an average market move of 0.65%.