DOG closes lower for the 2nd day in a row
ProShares Short Dow30 (DOG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, DOG finished the month -2.7% lower at 47.84 after losing $0.35 (-0.73%) today. Closing below Monday's low at 48.18, the ETF confirmed its breakout through the prior session low after trading up to $0.58 below it intraday.
Daily Candlestick Chart (DOG as at Jun 30, 2020):
Tuesday's trading range has been $0.81 (1.68%), that's slightly below the last trading month's daily average range of $0.99. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DOG.
One bearish candlestick pattern matches today's price action, the Black Candle.
Although ProShares Short is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the close-by swing low at 46.97 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 Lower Closes" stand out. Its common bearish interpretation has been confirmed for ProShares Short. Out of 331 times, DOG closed lower 57.10% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 65.86% with an average market move of -0.58%.