EPI breaks below Monday's low
WisdomTree India Earnings Fund (EPI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
EPI ended the month 7.98% higher at 20.02 after losing $0.20 (-0.99%) today on low volume. Closing below Monday's low at 20.05, WisdomTree India confirmed its breakout through the previous session low after trading up to $0.14 below it intraday.
Daily Candlestick Chart (EPI as at Jun 30, 2020):
Tuesday's trading range has been $0.28 (1.39%), that's slightly below the last trading month's daily average range of $0.32. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EPI.
While 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 20.34 where further buy stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for WisdomTree India. Out of 177 times, EPI closed higher 53.11% of the time on the next trading day after the market condition occurred.