DVY closes above its opening price after recovering from early selling pressure

iShares Select Dividend ETF (DVY) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team


DVY closes above its opening price after recovering from early selling pressure
DVY finds support at 20-day moving average
DVY closes lower for the 2nd day in a row
DVY closes within previous day's range


Moving lower for the 2nd day in a row, DVY ended the month 2.92% higher at 83.08 after losing $0.23 (-0.28%) today on low volume. Trading up to $1.10 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (DVY as at Jul 31, 2020):

Daily technical analysis candlestick chart for iShares Select Dividend ETF (DVY) as at Jul 31, 2020

Friday's trading range has been $1.23 (1.48%), that's slightly below the last trading month's daily average range of $1.44. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DVY.

After trading as low as 81.85 during the day, the ETF found support at the 20-day moving average at 82.11. The last time this happened on May 22nd, DVY gained 2.91% on the following trading day.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could accelerate should prices move above the nearby swing high at 84.54 where further buy stops might get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Its common bullish interpretation has been confirmed for DVY. Out of 83 times, DVY closed higher 65.06% 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 57.83% with an average market move of 0.27%.

Market Conditions for DVY as at Jul 31, 2020

Loading Market Conditions for DVY (iShares Select Dividend ETF)...
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