IJJ closes lower for the 2nd day in a row
iShares S&P Mid-Cap 400 Value ETF (IJJ) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IJJ finished the month 2.74% higher at 136.58 after losing $1.62 (-1.17%) today. 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 Jul 31, 2020):
Friday's trading range has been $3.09 (2.24%), that's above the last trading month's daily average range of $2.45. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJJ.
After trading as low as 134.67 during the day, the ETF found support at the 50-day moving average at 135.05. The last time this happened on July 8th, IJJ actually lost -2.37% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for IJJ. Out of 44 times, IJJ closed higher 65.91% 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 five trading days, showing a win rate of 59.09% with an average market move of 0.33%.