ASHR closes -0.8% lower at 34.92
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
ASHR ended Wednesday at 34.92 losing $0.28 (-0.8%).
Daily Candlestick Chart (ASHR as at Sep 16, 2020):
Wednesday's trading range has been $0.26 (0.74%), that's slightly below the last trading month's daily average range of $0.28. 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 slightly higher than usual for ASHR.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on September 10th, ASHR actually gained 1.55% on the following trading day.
Prices are trading close to the key technical resistance level at 35.30 (R1).
Though the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the nearby swing high at 35.26 where further buy stops could get activated. With prices trading close to this year's high at 35.95, upside momentum might speed up should the ETF be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Xtrackers Harvest. Out of 420 times, ASHR closed higher 54.05% 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 58.81% with an average market move of 0.40%.