EWW closes higher for the 2nd day in a row
iShares MSCI Mexico Capped ETF (EWW) Technical Analysis Report for Oct 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EWW finished the week -1.56% lower at 35.26 after edging higher $0.09 (0.26%) today on low volume. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EWW as at Oct 16, 2020):
Friday's trading range has been $0.56 (1.58%), that's below the last trading month's daily average range of $0.76. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EWW.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 36.03 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 34.58 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for EWW. Out of 723 times, EWW closed higher 51.73% 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 five trading days, showing a win rate of 54.22% with an average market move of 0.15%.