IJH closes within prior day's range
iShares Core S&P Mid-Cap ETF (IJH) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJH ended Wednesday at 189.92 gaining $0.58 (0.31%). Trading $2.05 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IJH as at Sep 16, 2020):
Wednesday's trading range has been $2.62 (1.38%), that's slightly below the last trading month's daily average range of $2.91. 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 slightly higher than usual for IJH.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns. The last time a Shooting Star showed up on April 20th, IJH lost -2.60% on the following trading day.
After spiking up to 192.25 during the day, the ETF found resistance at the 20-day moving average at 190.94.
Though IJH is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IJH. Out of 180 times, IJH closed higher 53.33% 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 63.89% with an average market move of 0.48%.