IJJ runs into sellers around 171.13 for the third day in a row

iShares S&P Mid-Cap 400 Value ETF (IJJ) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


IJJ breaks below key technical support level
IJJ runs into sellers around 171.13 for the third day in a row
IJJ stuck within tight trading range
IJJ closes within previous day's range


IJJ ended the week 1.76% higher at 170.46 after edging lower $0.35 (-0.2%) today on high volume ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (IJJ as at Feb 14, 2020):

Daily technical analysis candlestick chart for iShares S&P Mid-Cap 400 Value ETF (IJJ) as at Feb 14, 2020

Friday's trading range has been $1.26 (0.74%), that's slightly below the last trading month's daily average range of $1.59. 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 IJJ. Prices continued to consolidate within a tight trading range between 169.57 and 171.13 where it has been caught now for the last three trading days.

Prices broke below the key technical support level at 170.49 (now R1), which is likely to act as resistance going forward. The market ran into sellers again today around 171.13 for the third trading day in a row after having found sellers at 170.94 in the prior session and at 170.85 two days ago. The last time this happened on January 24th, IJJ lost -1.55% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Selling could accelerate should prices move below the close-by swing low at 169.57 where further sell stops might get activated. With prices trading close to this year's high at 173.51, upside momentum could speed up should the ETF be able to break out to new highs for the year.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for IJJ. Out of 566 times, IJJ closed higher 54.77% 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 59.36% with an average market move of 0.53%.

Market Conditions for IJJ as at Feb 14, 2020

Loading Market Conditions for IJJ (iShares S&P Mid-Cap 400 Value ETF)...
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