EEB runs into sellers again around 39.21
Guggenheim BRIC ETF (EEB) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
EEB ended the week 2.22% higher at 39.20 after edging higher $0.10 (0.26%) today ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EEB as at Feb 14, 2020):
Friday's trading range has been $0.02 (0.05%), that's far below the last trading month's daily average range of $0.37. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EEB.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 39.36 (R1). After having been unable to move above 39.24 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 39.21. The last time this happened on February 6th, EEB lost -1.44% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 39.36 where further buy stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for EEB. Out of 754 times, EEB closed higher 52.12% of the time on the next trading day after the market condition occurred.