IGIB closes higher for the 2nd day in a row
iShares Intermediate Credit Bond ETF (IGIB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IGIB ended the month 1.94% higher at 60.38 after gaining $0.28 (0.47%) today. Trading up to $0.10 lower after the open, iShares Intermediate managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IGIB as at Jun 30, 2020):
Tuesday's trading range has been $0.23 (0.38%), that's slightly below the last trading month's daily average range of $0.32. 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 IGIB.
Although the ETF is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
With prices trading close to this year's high at 60.62, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for iShares Intermediate. Out of 452 times, IGIB closed higher 47.79% 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 57.96% with an average market move of 0.11%.