ACWI closes higher for the 2nd day in a row
iShares MSCI ACWI Index Fund (ACWI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ACWI finished the month 2.08% higher at 73.72 after gaining $0.48 (0.66%) today. Closing above Monday's high at 73.24, the ETF confirmed its breakout through the prior session high after trading up to $0.84 above it intraday.
Daily Candlestick Chart (ACWI as at Jun 30, 2020):
Tuesday's trading range has been $1.14 (1.56%), that's slightly below the last trading month's daily average range of $1.24. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ACWI.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 73.48. When this moving average was crossed above the last time on June 25th, ACWI actually lost -1.94% on the following trading day.
IShares MSCI shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for iShares MSCI. Out of 47 times, ACWI closed higher 57.45% 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 76.60% with an average market move of 0.46%.