FFTY closes lower for the 3rd day in a row
Innovator IBD 50 ETF (FFTY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, FFTY finished the week 1.44% higher at 36.64 after losing $0.01 (-0.03%) today ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FFTY as at Feb 14, 2020):
Friday's trading range has been $0.24 (0.65%), that's far below the last trading month's daily average range of $0.44. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FFTY.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 36.37 (S1). FFTY ETF was sold again around 36.80 after having seen highs at 36.86, 36.79 and 36.86 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on December 19, 2019, FFTY actually gained 0.23% on the following trading day.
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 36.86 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 36.30 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior three Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for FFTY ETF. Out of 6 times, FFTY closed higher 66.67% of the time on the next trading day after the market condition occurred.