EWJ finds buyers again around 61.07


iShares MSCI Japan ETF (EWJ) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
EWJ finds buyers again around 61.07
EWJ stuck within tight trading range
EWJ closes within previous day's range
EWJ ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

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 chart for EWJ
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for iShares MSCI Japan ETF
Condition Forecast Direction Win Avg Worst Best Events
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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