FFTY dominated by bulls lifting the market higher throughout the day


Innovator IBD 50 ETF (FFTY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

FFTY dominated by bulls lifting the market higher throughout the day
FFTY closes higher for the 2nd day in a row
FFTY pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, FFTY finished the month 7.09% higher at 34.42 after gaining $0.71 (2.11%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 33.87, the ETF confirmed its breakout through the previous session high after trading up to $0.67 above it intraday.

Daily Candlestick Chart (FFTY as at Jun 30, 2020):

Daily technical analysis candlestick chart for Innovator IBD 50 ETF (FFTY) as at Jun 30, 2020

Tuesday's trading range has been $0.77 (2.28%), that's slightly above the last trading month's daily average range of $0.73. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FFTY.

Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 25th, FFTY actually lost -2.03% on the following trading day.

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

Buying could speed up should prices move above the nearby swing high at 35.04 where further buy stops might get triggered.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for FFTY ETF. Out of 378 times, FFTY closed higher 59.52% 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 62.70% with an average market move of 0.49%.


Market Conditions for FFTY as at Jun 30, 2020

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