DVY misses to close above 50-day moving average
iShares Select Dividend ETF (DVY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DVY finished the month -2.22% lower at 80.72 after gaining $1.09 (1.37%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 79.74, the ETF confirmed its breakout through the prior session high after trading up to $1.39 above it intraday.
Daily Candlestick Chart (DVY as at Jun 30, 2020):
Tuesday's trading range has been $1.99 (2.51%), that's slightly below the last trading month's daily average range of $2.03. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DVY.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 81.13 during the day, the market found resistance at the 50-day moving average at 80.83. The last time this happened on October 9, 2019, DVY actually gained 0.76% on the following trading day.
DVY shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for DVY. Out of 415 times, DVY closed higher 52.05% 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 58.55% with an average market move of 0.13%.