VTR closes within previous day's range after lackluster session
Ventas Inc. (VTR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
VTR finished the month 4.78% higher at 36.62 after edging lower $0.08 (-0.22%) today, notably underperforming the S&P 500 (1.54%). Trading up to $0.83 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (VTR as at Jun 30, 2020):
Tuesday's trading range has been $1.80 (4.96%), that's below the last trading month's daily average range of $2.31. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VTR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 18th, VTR actually lost -9.02% on the following trading day.
Prices are trading close to the key technical support level at 36.53 (S1). After spiking up to 37.24 during the day, Ventas found resistance at the 100-day moving average at 37.12.
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 Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Ventas. Out of 21 times, VTR closed higher 57.14% 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 61.90% with an average market move of 1.02%.