EWP closes within previous day's range after lackluster session
iShares MSCI Spain Capped ETF (EWP) Technical Analysis Report for Apr 16, 2018
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.
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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