EWQ closes above its opening price after recovering from early selling pressure
iShares MSCI France ETF (EWQ) Technical Analysis Report for Jul 24, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EWQ ended the week -0.76% lower at 28.58 after losing $0.12 (-0.42%) today. Trading up to $0.08 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, EWQ actually lost -1.07% on the following trading day.
Daily Candlestick Chart (EWQ as at Jul 24, 2020):
Friday's trading range has been $0.17 (0.6%), that's far below the last trading month's daily average range of $0.37. 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 EWQ.
Prices are trading close to the key technical support level at 28.55 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test June's nearby high at 29.23.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for EWQ. Out of 266 times, EWQ closed higher 56.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.53% with an average market move of 0.74%.