IDV runs into sellers around 25.23 for the third day in a row
iShares International Select Dividend (IDV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
IDV ended the month 1.78% higher at 25.12 after losing $0.01 (-0.04%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IDV as at Jun 30, 2020):
Tuesday's trading range has been $0.31 (1.24%), that's below the last trading month's daily average range of $0.46. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IDV. Prices continued to consolidate within a tight trading range between 24.83 and 25.46 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Prices are trading close to the key technical resistance level at 25.28 (R1). The market ran into sellers again today around 25.23 for the third trading day in a row after having found sellers at 25.17 in the prior session and at 25.24 two days ago. The last time this happened on April 14th, IDV lost -4.73% on the following trading day.
IShares International shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might accelerate should prices move below the close-by swing low at 24.83 where further sell stops could get activated. As prices are trading close to June's low at 24.66, downside momentum might speed up should the ETF mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for iShares International. Out of 371 times, IDV closed higher 57.14% 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 57.14% with an average market move of 0.20%.