EWP breaks back above 50-day moving average

iShares MSCI Spain Capped ETF (EWP) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team


EWP breaks back above 50-day moving average
EWP ends the day indecisive


EWP finished the week 1.93% higher at 22.76 after gaining $0.34 (1.52%) today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (EWP as at Oct 23, 2020):

Daily technical analysis candlestick chart for iShares MSCI Spain Capped ETF (EWP) as at Oct 23, 2020

Friday's trading range has been $0.18 (0.79%), that's below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EWP.

Two candlestick patterns are matching today's price action, the Takuri Line which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top. The last time a Takuri Line showed up on September 21st, EWP actually lost -1.68% on the following trading day.

The market managed to close back above the 50-day moving average at 22.68.

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

Buying might speed up should prices move above the nearby swing high at 22.97 where further buy stops could get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for EWP. Out of 107 times, EWP closed higher 57.01% of the time on the next trading day after the market condition occurred.

Market Conditions for EWP as at Oct 23, 2020

Loading Market Conditions for EWP (iShares MSCI Spain Capped ETF)...
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