VSM unable to break through key resistance level
Moving lower for the 2nd day in a row, VSM ended the week -4.95% lower at 37.26 after losing $0.63 (-1.66%) today. Trading $0.34 higher after the open, Versum Materials was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 37.78, the share confirms its breakout through the previous session's low having traded $0.74 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.75 (2.0%), that's slightly below last trading month's daily average range of $0.88. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 36.64. Unable to break through the key technical resistance level at 37.65, the stock closed below it after spiking as high as 37.79 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 36.63 where further sell stops might get activated. Further selling could move prices lower should the market test July's close-by low at 36.50.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Versum Materials Inc
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro