EWG climbs to highest close since October 16, 2018
iShares MSCI Germany ETF (EWG) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, EWG ended Tuesday at 28.40 gaining $0.15 (0.53%). Today's close at 28.40 marks the highest recorded closing price since October 16, 2018.
Daily Candlestick Chart (EWG as at Apr 16, 2019):
Tuesday's trading range has been $0.10 (0.35%), that's below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EWG.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for EWG. Out of 402 times, EWG closed higher 56.47% 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 58.71% with an average market move of 0.74%.