DVY finds buyers again around 84.93
iShares Select Dividend ETF (DVY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
DVY ended Wednesday at 85.86 gaining $1.05 (1.24%) on low volume. 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 Sep 16, 2020):
Wednesday's trading range has been $1.94 (2.28%), that's above the last trading month's daily average range of $1.41. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DVY.
Buyers managed to take out the key technical resistance level at 85.18 (now S1), which is likely to act as support going forward. After having been unable to move lower than 84.75 in the prior session, the ETF found buyers again around the same price level today at 84.93. The last time this happened on September 11th, DVY gained 1.67% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to September's high at 87.74, upside momentum might accelerate should the market mark new highs for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for DVY. Out of 445 times, DVY closed higher 53.03% 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 63.15% with an average market move of 0.55%.