EWP closes within previous day's range after lackluster session


iShares MSCI Spain Capped ETF (EWP) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
EWP pushes through 100-day moving average
EWP closes higher for the 3rd day in a row
EWP ends the day on a bullish note closing near the high of the day
EWP runs into sellers again around 33.51
EWP rises to highest close since February 26th
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, EWP ended Monday at 33.48 gaining $0.25 (0.75%) on high volume. Today's closing price of 33.48 marks the highest close since February 26th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for EWP
Volatility

Monday's trading range was $0.17 (0.51%), that's below last trading month's daily average range of $0.32. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 33.04 and 33.51 which it has been in now for the last trading week.

Price Action

After moving lower in the previous session, the ETF managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 33.53. After having been unable to move above 33.50 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 33.51.

Trend

EWP shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The ETF managed to break above the 100-day moving average at 33.29 today for the first time since February 22nd.

Conclusion

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

Market Conditions for iShares MSCI Spain Capped ETF
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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