ASHR closes above its opening price after recovering from early selling pressure


Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 22, 2020 | by Techniquant Editorial Team

Highlights

ASHR closes above its opening price after recovering from early selling pressure
ASHR ends the day indecisive

Overview

ASHR ended Thursday at 36.39 losing $0.14 (-0.38%). Trading up to $0.08 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (ASHR as at Oct 22, 2020):

Daily technical analysis candlestick chart for Xtrackers Harvest CSI 300 China A-Shares (ASHR) as at Oct 22, 2020

Thursday's trading range has been $0.18 (0.49%), that's 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 slightly higher than usual for ASHR.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on October 9th, ASHR gained 1.96% on the following trading day.

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.

Buying could speed up should prices move above the nearby swing high at 36.74 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 36.01 where further sell stops might get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Xtrackers Harvest. Out of 388 times, ASHR closed higher 57.22% 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 55.67% with an average market move of 0.29%.


Market Conditions for ASHR as at Oct 22, 2020

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