EWH ends the day indecisive
iShares MSCI Hong Kong ETF (EWH) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
EWH ended the week -2.49% lower at 22.29 after gaining $0.26 (1.18%) today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EWH as at Oct 12, 2018):
Friday's trading range has been $0.25 (1.12%), that's above the last trading month's daily average range of $0.20. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EWH.
Three candlestick patterns are matching today's price action, the Southern Doji and the Takuri Line which are both known as bullish patterns and one neutral pattern, the Doji.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 23.41. The last time this happened on September 12th, EWH gained 1.73% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for EWH. Out of 52 times, EWH closed higher 53.85% 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 69.23% with an average market move of 1.54%.