EWH closes higher for the 3rd day in a row


iShares MSCI Hong Kong ETF (EWH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

EWH dominated by bulls lifting the market higher throughout the day
EWH unable to break through key resistance level
EWH closes higher for the 3rd day in a row
EWH pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, EWH ended Thursday at 20.41 gaining $0.70 (3.55%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 19.99, the market confirmed its breakout through the prior session high after trading up to $0.45 above it intraday.

Daily Candlestick Chart (EWH as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares MSCI Hong Kong ETF (EWH) as at Mar 26, 2020

Thursday's trading range has been $0.72 (3.64%), that's above the last trading month's daily average range of $0.56. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EWH.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 18th, EWH actually lost -4.02% on the following trading day.

Unable to break through the key technical resistance level at 20.43 (R1), the ETF closed below it after spiking up to 20.44 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.

Although EWH is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for EWH. Out of 205 times, EWH closed higher 56.59% 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 57.07% with an average market move of 0.20%.


Market Conditions for EWH as at Mar 26, 2020

Loading Market Conditions for EWH (iShares MSCI Hong Kong ETF)...
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