FFTY rises to highest close since October 23, 2018
Innovator IBD 50 ETF (FFTY) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FFTY finished Wednesday at 32.20 edging higher $0.07 (0.22%). Today's close at 32.20 marks the highest recorded closing price since October 23, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FFTY as at Feb 13, 2019):
Wednesday's trading range has been $0.36 (1.12%), that's slightly below the last trading month's daily average range of $0.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FFTY.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on January 23rd, FFTY actually gained 0.47% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for FFTY ETF. Out of 34 times, FFTY closed higher 58.82% 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 67.65% with an average market move of 0.50%.