IDV breaks back below 50-day moving average
iShares International Select Dividend (IDV) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
IDV ended the week -0.11% lower at 26.09 after losing $0.28 (-1.06%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 26.13, iShares International confirmed its breakout through the previous session low after trading up to $0.12 below it intraday.
Daily Candlestick Chart (IDV as at Sep 18, 2020):
Friday's trading range has been $0.33 (1.25%), that's slightly above the last trading month's daily average range of $0.27. 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 IDV.
One bearish candlestick pattern matches today's price action, the Black Candle.
The market closed back below the 50-day moving average at 26.15 for the first time since September 10th. When this moving average was crossed below the last time on September 10th, IDV actually gained 0.93% on the following trading day. After having been unable to move above 26.38 in the prior session, the ETF ran into sellers again around the same price level today, missing to move higher than 26.34.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 25.86 where further sell stops could get triggered. Further selling might move prices lower should the market test August's nearby low at 25.46.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for iShares International. Out of 265 times, IDV closed higher 55.47% 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 59.62% with an average market move of 0.34%.