IEV rises to highest close since June 10th
iShares Europe (IEV) Technical Analysis Report for Jul 06, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IEV finished Monday at 41.87 gaining $0.76 (1.85%). Today's close at 41.87 marks the highest recorded closing price since June 10th. Trading up to $0.16 lower after the open, iShares Europe managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 29th, IEV actually lost -0.22% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (IEV as at Jul 06, 2020):
Monday's trading range has been $0.27 (0.65%), that's far below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IEV.
Prices are trading close to the key technical resistance level at 41.93 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test June's close-by high at 43.02.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for iShares Europe. Out of 447 times, IEV closed higher 49.22% 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 55.70% with an average market move of 0.08%.