IJJ pushes through Friday's high
iShares S&P Mid-Cap 400 Value ETF (IJJ) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
IJJ ended Monday at 134.27 gaining $2.05 (1.55%). Closing above Friday's high at 133.31, the ETF confirmed its breakout through the prior session high after trading up to $1.86 above it intraday.
Daily Candlestick Chart (IJJ as at Jun 01, 2020):
Monday's trading range has been $3.12 (2.36%), that's slightly below the last trading month's daily average range of $3.47. 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.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 26th, IJJ gained 3.35% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 138.21 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 130.61 where further sell stops might get triggered.
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. While 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 60.25% with an average market move of 0.55%.