IJR dominated by bulls lifting the market higher throughout the day
iShares Core S&P Small-Cap ETF (IJR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJR ended Thursday at 57.27 gaining $3.68 (6.87%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 55.99, the ETF confirmed its breakout through the prior session high after trading up to $1.59 above it intraday.
Daily Candlestick Chart (IJR as at Mar 26, 2020):
Thursday's trading range has been $3.40 (6.28%), that's slightly below the last trading month's daily average range of $3.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IJR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IJR gained 0.39% on the following trading day.
Prices are trading close to the key technical resistance level at 59.84 (R1).
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven 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 IJR. Out of 425 times, IJR closed higher 53.18% 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 four trading days, showing a win rate of 56.24% with an average market move of 0.04%.