EWG closes within previous day's range
iShares MSCI Germany ETF (EWG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
EWG finished the week 0.82% higher at 29.48 after gaining $0.02 (0.07%) today on low volume ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EWG as at Feb 14, 2020):
Friday's trading range has been $0.15 (0.51%), that's slightly 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 slightly higher than usual for EWG.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 29.74 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 29.32 where further sell stops might get triggered. With prices trading close to this year's high at 29.98, upside momentum could speed up should the market be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for EWG. Out of 611 times, EWG closed higher 56.14% 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 54.01% with an average market move of 0.32%.