HYD closes higher for the 3rd day in a row


VanEck Vectors High Yield Municipal Index (HYD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

HYD rises to highest close since March 10th
HYD dominated by bulls lifting the market higher throughout the day
HYD closes higher for the 3rd day in a row
HYD pushes through Monday's high

Overview

Moving higher for the 3rd day in a row, HYD finished the month 2.6% higher at 59.28 after gaining $0.12 (0.2%) today. Today's close at 59.28 marks the highest recorded closing price since March 10th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 59.16, the market confirmed its breakout through the prior session high after trading up to $0.12 above it intraday.

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

Daily technical analysis candlestick chart for VanEck Vectors High Yield Municipal Index (HYD) as at Jun 30, 2020

Tuesday's trading range has been $0.23 (0.39%), that's below the last trading month's daily average range of $0.35. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HYD.

One bullish candlestick pattern matches today's price action, the White Candle.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for VanEck Vectors. Out of 168 times, HYD closed higher 52.98% 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 58.93% with an average market move of 0.05%.


Market Conditions for HYD as at Jun 30, 2020

Loading Market Conditions for HYD (VanEck Vectors High Yield Municipal Index)...
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HYD breaks below Thursday's low

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