ASHR closes within prior day's range after lackluster session
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ASHR finished the week 3.73% higher at 28.37 after gaining $0.26 (0.92%) today on low volume ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ASHR as at Feb 14, 2020):
Friday's trading range has been $0.22 (0.77%), that's below the last trading month's daily average range of $0.34. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ASHR.
The market managed to close back above the 100-day moving average at 28.34. When this moving average was crossed above the last time on Tuesday, ASHR gained 1.30% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 28.73 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 28.11 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Xtrackers Harvest. Out of 36 times, ASHR closed higher 58.33% 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 58.33% with an average market move of -0.81%.