VVR.AX closes within prior day's range after lackluster session


Viva Energy REIT Stapled Securities (VVR.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team

Highlights

VVR.AX closes below its opening price unable to hold early session gains
VVR.AX closes within previous day's range after lackluster session

Overview

VVR.AX ended the week 1.63% higher at 2.49 after flat today, slightly outperforming the ASX 200 (-0.07%). Trading $0.02 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Tuesday, VVR.AX actually gained 0.82% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (VVR.AX as at Mar 15, 2019):

Daily technical analysis candlestick chart for Viva Energy REIT Stapled Securities (VVR.AX) as at Mar 15, 2019

Friday's trading range has been $0.04 (1.6%), that's below the last trading month's daily average range of $0.05. 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 lower than usual for VVR.AX.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

Prices are trading close to the key technical support level at 2.46 (S1).

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 2.43.

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

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Viva Energy. Out of 11 times, VVR.AX closed lower 63.64% of the time on the next trading day after the market condition occurred.


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