ASHR ends the day indecisive
Xtrackers Harvest CSI 300 China A-Shares (ASHR) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ASHR ended the week -0.6% lower at 36.19 after losing $0.20 (-0.55%) today. 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 23, 2020):
Friday's trading range has been $0.12 (0.33%), that's far below the last trading month's daily average range of $0.22. 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.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Hanging Man which are both known as bearish patterns. The last time a Bearish Spinning Top showed up on September 11th, ASHR actually gained 1.55% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 36.01 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Xtrackers Harvest. Out of 187 times, ASHR closed higher 58.82% 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 60.43% with an average market move of 0.53%.