EEB finds buyers around 39.20 for the forth day in a row

Guggenheim BRIC ETF (EEB) Technical Analysis Report for Feb 20, 2020 | by Techniquant Editorial Team


EEB finds buyers around 39.20 for the forth day in a row


EEB finished Thursday at 39.20 flat.

Daily Candlestick Chart (EEB as at Feb 20, 2020):

Daily technical analysis candlestick chart for Guggenheim BRIC ETF (EEB) as at Feb 20, 2020

Thursday's trading range has been $0.00 (0.0%), that's far below the last trading month's daily average range of $0.33. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for EEB.

Notwithstanding a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.

Prices are trading close to the key technical support level at 39.10 (S1). The ETF was bought again around 39.20 after having seen lows at 39.20, 39.20 and 39.19 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on April 4, 2019, EEB gained 1.04% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the nearby swing high at 39.36 where further buy stops could get activated.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous three Lows" stand out. Its common bullish interpretation has been confirmed for EEB. Out of 5 times, EEB closed higher 80.00% 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 60.00% with an average market move of 1.61%.

Market Conditions for EEB as at Feb 20, 2020

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