IJJ dominated by bulls lifting the market higher throughout the day
iShares S&P Mid-Cap 400 Value ETF (IJJ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJJ ended Thursday at 112.50 gaining $5.92 (5.55%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 110.76, the market confirmed its breakout through the previous session high after trading up to $2.30 above it intraday.
Daily Candlestick Chart (IJJ as at Mar 26, 2020):
Thursday's trading range has been $5.91 (5.52%), that's below the last trading month's daily average range of $7.97. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IJJ.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IJJ gained 2.93% on the following trading day.
While the ETF is experiencing a short-term uptrend, this could 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 Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IJJ. Out of 182 times, IJJ closed higher 55.49% 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 59.89% with an average market move of 0.23%.