IJH pushes through Wednesday's high

iShares Core S&P Mid-Cap ETF (IJH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


IJH dominated by bulls lifting the market higher throughout the day
IJH closes higher for the 3rd day in a row
IJH pushes through Wednesday's high


Moving higher for the 3rd day in a row, IJH finished Thursday at 146.15 gaining $7.75 (5.6%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 143.74, the market confirmed its breakout through the previous session high after trading up to $2.91 above it intraday.

Daily Candlestick Chart (IJH as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares Core S&P Mid-Cap ETF (IJH) as at Mar 26, 2020

Thursday's trading range has been $7.14 (5.11%), that's below the last trading month's daily average range of $9.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IJH.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Tuesday, IJH gained 2.62% on the following trading day.

Although the ETF is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for IJH. Out of 106 times, IJH closed higher 56.60% 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 66.98% with an average market move of 0.87%.

Market Conditions for IJH as at Mar 26, 2020

Loading Market Conditions for IJH (iShares Core S&P Mid-Cap ETF)...
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IJH finds buyers again around 139.07

Mar 27, 2020
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