AGG pops to highest close ever
iShares Core U.S. Aggregate Bond (AGG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, AGG finished the month 0.48% higher at 118.21 after gaining $0.10 (0.08%) today. Today's close at 118.21 marks the highest recorded closing price ever. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AGG as at Jun 30, 2020):
Tuesday's trading range has been $0.34 (0.29%), that's slightly above the last trading month's daily average range of $0.30. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AGG.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on June 1st, AGG actually gained 0.09% on the following trading day.
After having been unable to move lower than 117.95 in the previous session, iShares Core found buyers again around the same price level today at 117.98.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for iShares Core. Out of 438 times, AGG closed higher 53.88% 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 55.94% with an average market move of 0.05%.