ASHR climbs to highest close since December 4, 2015


Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 13, 2020 | by Techniquant Editorial Team

Highlights

ASHR rises to highest close since December 4, 2015
ASHR closes above its opening price after recovering from early selling pressure
ASHR closes higher for the 7th day in a row
ASHR ends the day on a bullish note closing near the high of the day
ASHR finds buyers again around 36.35

Overview

Moving higher for the 7th day in a row, ASHR finished Tuesday at 36.56 gaining $0.13 (0.36%). Today's close at 36.56 marks the highest recorded closing price since December 4, 2015. Trading up to $0.11 lower after the open, Xtrackers Harvest managed to reverse during the session as bulls took control ending the day above its opening price. 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 13, 2020):

Daily technical analysis candlestick chart for Xtrackers Harvest CSI 300 China A-Shares (ASHR) as at Oct 13, 2020

Tuesday's trading range has been $0.26 (0.71%), 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 higher than usual for ASHR.

After having been unable to move lower than 36.31 in the prior session, the market found buyers again around the same price level today at 36.35. The last time this happened on September 30th, ASHR gained 1.60% on the following trading day.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 34.98.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven 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 93 times, ASHR closed higher 54.84% 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 63.44% with an average market move of 1.53%.


Market Conditions for ASHR as at Oct 13, 2020

Loading Market Conditions for ASHR (Xtrackers Harvest CSI 300 China A-Shares)...
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