BOTZ closes higher for the 2nd day in a row
Global X Robotics & Artificial Intelligence ETF (BOTZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BOTZ finished the month 2.98% higher at 23.87 after gaining $0.11 (0.46%) today on low volume. Closing above Monday's high at 23.79, the market confirmed its breakout through the previous session high after trading up to $0.19 above it intraday.
Daily Candlestick Chart (BOTZ as at Jun 30, 2020):
Tuesday's trading range has been $0.33 (1.39%), that's below the last trading month's daily average range of $0.51. 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 BOTZ. Prices continued to consolidate within a tight trading range between 23.42 and 24.08 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 23.56 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 24.30 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 23.42 where further sell stops could get activated.
Among the four 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 Global X. Out of 124 times, BOTZ closed higher 58.87% 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 62.10% with an average market move of 0.75%.