EIDO finds buyers again around 25.69
iShares MSCI Indonesia (EIDO) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
EIDO finished the week 1.22% higher at 25.74 after losing $0.15 (-0.58%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EIDO as at Sep 13, 2019):
Friday's trading range has been $0.16 (0.62%), that's below the last trading month's daily average range of $0.25. 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 EIDO.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After having been unable to move lower than 25.66 in the prior session, the ETF found buyers again around the same price level today at 25.69. The last time this happened on August 28th, EIDO gained 0.60% on the following trading day.
While iShares MSCI is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 26.02 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 25.66 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for iShares MSCI. Out of 630 times, EIDO closed higher 52.06% 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 eight trading days, showing a win rate of 55.56% with an average market move of 0.04%.