AGG dominated by bulls lifting the market higher throughout the day


iShares Core U.S. Aggregate Bond (AGG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

AGG dominated by bulls lifting the market higher throughout the day
AGG closes higher for the 6th day in a row
AGG pushes through Wednesday's high

Overview

Moving higher for the 6th day in a row, AGG ended Thursday at 115.08 gaining $0.35 (0.31%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 114.75, the market confirmed its breakout through the previous session high after trading up to $0.64 above it intraday.

Daily Candlestick Chart (AGG as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares Core U.S. Aggregate Bond (AGG) as at Mar 26, 2020

Thursday's trading range has been $1.19 (1.04%), that's below the last trading month's daily average range of $2.18. 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 notably higher than usual for AGG.

One bullish candlestick pattern matches today's price action, the White Candle.

Prices are trading close to the key technical support level at 114.33 (S1).

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 "6 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for iShares Core. Out of 16 times, AGG closed lower 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after nine trading days, showing a win rate of 62.50% with an average market move of -0.10%.


Market Conditions for AGG as at Mar 26, 2020

Loading Market Conditions for AGG (iShares Core U.S. Aggregate Bond)...
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