IJK dominated by bulls lifting the market higher throughout the day
iShares S&P Mid-Cap 400 Growth ETF (IJK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJK ended Thursday at 179.92 gaining $9.44 (5.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 176.91, the market confirmed its breakout through the previous session high after trading up to $3.89 above it intraday.
Daily Candlestick Chart (IJK as at Mar 26, 2020):
Thursday's trading range has been $9.36 (5.46%), that's slightly below the last trading month's daily average range of $11.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IJK.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IJK gained 2.38% on the following trading day.
Prices are trading close to the key technical resistance level at 188.08 (R1).
Though the ETF is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for IJK. Out of 435 times, IJK closed higher 54.71% 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 57.93% with an average market move of 0.11%.