EWQ ends the day indecisive
iShares MSCI France ETF (EWQ) Technical Analysis Report for Jul 28, 2020 | by Techniquant Editorial Team
EWQ finished Tuesday at 28.56 losing $0.21 (-0.73%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EWQ as at Jul 28, 2020):
Tuesday's trading range has been $0.20 (0.7%), that's far below the last trading month's daily average range of $0.35. 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.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on July 16th, EWQ actually gained 0.42% on the following trading day.
Prices are trading close to the key technical support level at 28.55 (S1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 28.91 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 28.44 where further sell stops could get triggered. 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 OHLC Patterns based market condition "Shooting Star" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for EWQ. Out of 54 times, EWQ closed higher 57.41% 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 nine trading days, showing a win rate of 59.26% with an average market move of 0.52%.