ASHR rockets, gaining $0.70 (1.96%) within a single day
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 12, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, ASHR ended Monday at 36.43 surging $0.70 (1.96%). This is the biggest single-day gain in over a month. Today's close at 36.43 marks the highest recorded closing price since December 4, 2015. Trading up to $0.07 lower after the open, Xtrackers Harvest managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 9th, ASHR gained 1.96% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ASHR as at Oct 12, 2020):
Monday's trading range has been $0.14 (0.38%), that's far below the last trading month's daily average range of $0.27. 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.
Crossing above the upper Bollinger Band for the first time since September 1st, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 34.91 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Xtrackers Harvest. Out of 92 times, ASHR closed higher 54.35% 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 64.13% with an average market move of 1.53%.