FXL dominated by bulls lifting the market higher throughout the day
First Trust Technology AlphaDEX (FXL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
FXL ended the month 6.53% higher at 83.39 after gaining $1.64 (2.01%) today. Today's close at 83.39 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 82.15, the market confirmed its breakout through the prior session high after trading up to $1.54 above it intraday.
Daily Candlestick Chart (FXL as at Jun 30, 2020):
Tuesday's trading range has been $1.96 (2.4%), that's slightly above the last trading month's daily average range of $1.83. 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 lower than usual for FXL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, FXL actually lost -0.94% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for First Trust. Out of 442 times, FXL closed higher 57.69% 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 61.76% with an average market move of 0.66%.