FFTY pushes through Wednesday's high


Innovator IBD 50 ETF (FFTY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

FFTY dominated by bulls lifting the market higher throughout the day
FFTY closes higher for the 3rd day in a row
FFTY pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, FFTY finished Thursday at 28.45 gaining $1.34 (4.94%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 28.05, the market confirmed its breakout through the previous session high after trading up to $0.44 above it intraday.

Daily Candlestick Chart (FFTY as at Mar 26, 2020):

Daily technical analysis candlestick chart for Innovator IBD 50 ETF (FFTY) as at Mar 26, 2020

Thursday's trading range has been $1.23 (4.51%), that's below the last trading month's daily average range of $1.53. 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 higher than usual for FFTY.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, FFTY gained 0.67% on the following trading day.

Prices are trading close to the key technical resistance level at 28.74 (R1).

Although FFTY ETF is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for FFTY ETF. Out of 229 times, FFTY closed higher 58.52% 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 58.95% with an average market move of 0.06%.


Market Conditions for FFTY as at Mar 26, 2020

Loading Market Conditions for FFTY (Innovator IBD 50 ETF)...
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