FFTY still stuck within tight trading range


Innovator IBD 50 ETF (FFTY) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

FFTY pushes through key technical resistance level
FFTY still stuck within tight trading range
FFTY closes within previous day's range after lackluster session

Overview

FFTY finished the week 0.51% higher at 31.70 after edging higher $0.20 (0.63%) today on low volume ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (FFTY as at May 22, 2020):

Daily technical analysis candlestick chart for Innovator IBD 50 ETF (FFTY) as at May 22, 2020

Friday's trading range has been $0.34 (1.08%), that's far below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FFTY. Prices continued to consolidate within a tight trading range between 31.23 and 32.19 where it has been caught now for the whole last trading week.

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. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on April 27th, FFTY actually lost -1.79% on the following trading day.

Buyers managed to take out the key technical resistance level at 31.51 (now S1), which is likely to act as support going forward.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the nearby swing high at 32.04 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 31.23 where further sell stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for FFTY ETF. Out of 76 times, FFTY closed higher 61.84% 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 65.79% with an average market move of 0.82%.


Market Conditions for FFTY as at May 22, 2020

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