EWW dominated by bulls lifting the market higher throughout the day


iShares MSCI Mexico Capped ETF (EWW) Technical Analysis Report for Oct 20, 2020 | by Techniquant Editorial Team

Highlights

EWW breaks back above 200-day moving average
EWW dominated by bulls lifting the market higher throughout the day
EWW finds buyers again around 34.86
EWW pushes through Monday's high

Overview

EWW ended Tuesday at 35.65 surging $0.84 (2.41%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 35.47, the ETF confirmed its breakout through the prior session high after trading up to $0.32 above it intraday.

Daily Candlestick Chart (EWW as at Oct 20, 2020):

Daily technical analysis candlestick chart for iShares MSCI Mexico Capped ETF (EWW) as at Oct 20, 2020

Tuesday's trading range has been $0.93 (2.66%), that's slightly above the last trading month's daily average range of $0.78. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EWW.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close back above the 200-day moving average at 34.80. When this moving average was crossed above the last time on October 8th, EWW gained 1.33% on the following trading day. After having been unable to move lower than 34.76 in the previous session, EWW found buyers again around the same price level today at 34.86.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

As prices are trading close to October's high at 36.03, upside momentum might speed up should the ETF mark new highs for the month.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for EWW. Out of 425 times, EWW closed higher 51.76% 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 three trading days, showing a win rate of 50.59% with an average market move of 0.12%.


Market Conditions for EWW as at Oct 20, 2020

Loading Market Conditions for EWW (iShares MSCI Mexico Capped ETF)...
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EWW closes within previous day's range

Nov 25, 2020
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