ASHR ends the day on a bearish note closing near the low of the day
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 19, 2020 | by Techniquant Editorial Team
ASHR ended Monday at 36.06 losing $0.35 (-0.96%). Trading $0.12 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 16th, ASHR lost -0.96% on the following trading day. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ASHR as at Oct 19, 2020):
Monday's trading range has been $0.29 (0.8%), that's slightly above the last trading month's daily average range of $0.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ASHR.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Xtrackers Harvest. Out of 294 times, ASHR closed higher 56.12% 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 60.88% with an average market move of 0.42%.