ASHR closes within prior day's range after lackluster session
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 15, 2020 | by Techniquant Editorial Team
ASHR ended Thursday at 36.21 flat. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ASHR as at Oct 15, 2020):
Thursday's trading range has been $0.20 (0.56%), that's below the last trading month's daily average range of $0.27. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ASHR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 5th, ASHR gained 0.09% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 36.61 where further buy stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Xtrackers Harvest. Out of 277 times, ASHR closed higher 49.82% 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 59.21% with an average market move of 0.59%.