DVY climbs to highest close since October 9, 2018
iShares Select Dividend ETF (DVY) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
DVY ended the week 1.95% higher at 99.18 after gaining $0.34 (0.34%) today on high volume. Today's close at 99.18 marks the highest recorded closing price since October 9, 2018. Closing above Thursday's high at 99.17, the market confirmed its breakout through the prior session high after trading up to $0.24 above it intraday.
Daily Candlestick Chart (DVY as at Mar 15, 2019):
Friday's trading range has been $0.67 (0.68%), that's slightly below the last trading month's daily average range of $0.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DVY. Prices continued to consolidate within a tight trading range between 98.66 and 99.41 where it has been caught now for the last three trading days.
After having been unable to move lower than 98.66 in the previous session, the ETF found buyers again around the same price level today at 98.74. The last time this happened on February 19th, DVY gained 0.63% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 98.66 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for DVY. Out of 594 times, DVY closed higher 56.23% 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 63.80% with an average market move of 0.59%.