HDV dominated by bulls lifting the market higher throughout the day
iShares Core High Dividend (HDV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HDV finished the month -3.29% lower at 81.15 after gaining $0.96 (1.2%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 80.22, the market confirmed its breakout through the prior session high after trading up to $1.26 above it intraday.
Daily Candlestick Chart (HDV as at Jun 30, 2020):
Tuesday's trading range has been $1.63 (2.04%), that's slightly below the last trading month's daily average range of $1.71. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HDV.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 81.48 during the day, the ETF found resistance at the 100-day moving average at 81.45. The last time this happened on October 15, 2019, HDV lost -0.29% on the following trading day.
IShares Core shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the nearby swing high at 82.76 where further buy stops could get activated.
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 iShares Core. Out of 374 times, HDV closed higher 51.34% 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 59.89% with an average market move of 0.27%.