DGAZ closes lower for the 3rd day in a row
VS 3X INV NAT GAS (DGAZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, DGAZ ended the month 50.06% higher at 430.66 after losing $10.34 (-2.34%) today on low volume. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (DGAZ as at Jun 30, 2020):
Tuesday's trading range has been $37.70 (8.98%), that's slightly above the last trading month's daily average range of $32.37. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for DGAZ.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 400.46 where further sell stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for VS 3X. Out of 125 times, DGAZ closed higher 59.20% 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 49.60% with an average market move of 1.84%.