EWC closes within prior day's range after lackluster session
iShares MSCI Canada ETF (EWC) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
EWC finished the week 1.61% higher at 27.76 after edging higher $0.03 (0.11%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EWC as at Mar 15, 2019):
Friday's trading range has been $0.14 (0.51%), that's below the last trading month's daily average range of $0.21. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for EWC.
Prices are trading close to the key technical support level at 27.66 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 27.88 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 27.69 where further sell stops might get triggered. With prices trading close to this year's high at 28.03, upside momentum could accelerate should the market be able to break out to new highs for the year. As prices are trading close to March's high at 27.99, upside momentum might speed up should the ETF mark new highs for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for EWC. Out of 702 times, EWC closed higher 53.42% 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 three trading days, showing a win rate of 51.99% with an average market move of 0.06%.