BBJP ends the day indecisive
JPMorgan BetaBuilders Japan (BBJP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
BBJP ended the month -0.09% lower at 22.93 after losing $0.25 (-1.08%) today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BBJP as at Jun 30, 2020):
Tuesday's trading range has been $0.18 (0.79%), that's below the last trading month's daily average range of $0.27. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BBJP.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on May 15th, BBJP gained 2.48% 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.
As prices are trading close to June's low at 22.58, downside momentum might speed up should JPMorgan BetaBuilders mark new lows for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for JPMorgan BetaBuilders. Out of 31 times, BBJP closed higher 67.74% 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 64.52% with an average market move of 1.36%.