IJK climbs to highest close ever
iShares S&P Mid-Cap 400 Growth ETF (IJK) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, IJK ended the week 2.81% higher at 246.56 after edging higher $0.06 (0.02%) today ahead of tomorrow's Presidents' Day market holiday. Today's close at 246.56 marks the highest recorded closing price ever. Trading up to $0.69 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (IJK as at Feb 14, 2020):
Friday's trading range has been $1.07 (0.43%), that's far below the last trading month's daily average range of $2.19. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IJK.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on January 27th, IJK gained 1.18% on the following trading day.
Prices are trading close to the key technical resistance level at 246.85 (R1). After having been unable to move above 246.85 in the prior session, the ETF ran into sellers again around the same price level today, failing to move higher than 246.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 246.85 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IJK. Out of 46 times, IJK closed higher 52.17% 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 71.74% with an average market move of 0.89%.