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

Xtrackers Harvest CSI 300 China A ETF (ASHR) Technical Analysis Report for Apr 16, 2018

Highlights

ASHR closes above its opening price after recovering from early selling pressure
ASHR finds buyers at key support level
ASHR finds support at 200-day moving average
ASHR closes lower for the 3rd day in a row
ASHR breaks below previous session low

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

Moving lower for the 3rd day in a row, ASHR finished Monday at 30.32 losing $0.37 (-1.21%) on low volume. Today's closing price of 30.32 marks the lowest close since April 6th. Trading up to $0.09 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Friday's low at 30.65, the ETF confirms its breakout through the previous session's low having traded $0.44 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ASHR

Volatility

Monday's trading range was $0.19 (0.63%), that's below last trading month's daily average range of $0.35. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 30.21 during the day, ASHR bounced off the key support level at 30.26. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 30.21 during the day, the market found support at the 200-day moving average at 30.30.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Further selling might move prices lower should the market test March's close-by low at 30.10.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Xtrackers Harvest CSI 300 China A ETF

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