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
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):
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%.