EWJ finds buyers again around 61.07
iShares MSCI Japan ETF (EWJ) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
EWJ ended Thursday at 61.16 edging lower $0.01 (-0.02%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EWJ as at May 17, 2018):
Thursday's trading range was $0.26 (0.43%), that's slightly below last trading month's daily average range of $0.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 60.94 and 61.33 which it has been in now for the last three days.
Prices are trading close to a key support level at 60.94. After having been unable to move lower than 61.04 in the prior session, the market found buyers again around the same price level today at 61.07.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 61.66 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 60.94 where further sell stops could get activated.