BBCA dominated by bulls lifting the market higher throughout the day
JPMorgan BetaBuilders Canada (BBCA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BBCA finished the month 3.15% higher at 22.61 after gaining $0.33 (1.48%) today on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 22.29, JPMorgan BetaBuilders confirmed its breakout through the prior session high after trading up to $0.36 above it intraday.
Daily Candlestick Chart (BBCA as at Jun 30, 2020):
Tuesday's trading range has been $0.48 (2.16%), that's slightly above the last trading month's daily average range of $0.40. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BBCA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, BBCA actually lost -2.14% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 22.97 where further buy stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for JPMorgan BetaBuilders. Out of 56 times, BBCA closed higher 62.50% 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 64.29% with an average market move of 0.75%.