EWC runs into sellers again around 27.46
iShares MSCI Canada ETF (EWC) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EWC finished the month 5.53% higher at 27.31 after losing $0.13 (-0.47%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EWC as at Jul 31, 2020):
Friday's trading range has been $0.39 (1.42%), that's slightly above the last trading month's daily average range of $0.34. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EWC.
After having been unable to move above 27.45 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 27.46. The last time this happened on Tuesday, EWC actually gained 1.36% on the following trading day.
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 27.67 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 26.91 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for EWC. Out of 488 times, EWC closed higher 56.15% of the time on the next trading day after the market condition occurred.