IJH pushes through Friday's high
iShares Core S&P Mid-Cap ETF (IJH) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
IJH finished Monday at 178.37 gaining $2.25 (1.28%) on low volume. Closing above Friday's high at 177.18, the ETF confirmed its breakout through the prior session high after trading up to $2.22 above it intraday.
Daily Candlestick Chart (IJH as at Jun 01, 2020):
Monday's trading range has been $3.51 (1.98%), that's slightly below the last trading month's daily average range of $3.94. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IJH.
Prices are trading close to the key technical resistance level at 181.64 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 181.64 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 173.85 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for IJH. Out of 551 times, IJH closed higher 56.26% 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 61.71% with an average market move of 0.65%.