ASHR closes within previous day's range
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ASHR finished Wednesday at 36.53 edging higher $0.03 (0.08%) on high volume. Trading $0.11 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 Monday, ASHR actually gained 1.22% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ASHR as at Oct 21, 2020):
Wednesday's trading range has been $0.23 (0.63%), that's slightly below the last trading month's daily average range of $0.24. 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.
Prices are trading close to the key technical resistance level at 36.55 (R1).
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 "52 Week High" stand out. Its common bullish interpretation has been confirmed for Xtrackers Harvest. Out of 94 times, ASHR closed higher 54.26% 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 62.77% with an average market move of 1.53%.