IJK closes higher for the 2nd day in a row
iShares S&P Mid-Cap 400 Growth ETF (IJK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IJK finished the month 1.17% higher at 224.02 after gaining $2.88 (1.3%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 221.71, the ETF confirmed its breakout through the prior session high after trading up to $3.08 above it intraday.
Daily Candlestick Chart (IJK as at Jun 30, 2020):
Tuesday's trading range has been $4.19 (1.9%), that's slightly below the last trading month's daily average range of $4.78. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower 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 June 25th, IJK actually lost -1.52% on the following trading day.
Prices are trading close to the key technical resistance level at 225.49 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 226.61 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for IJK. Out of 765 times, IJK closed higher 57.12% 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 61.31% with an average market move of 0.55%.