IJR closes higher for the 2nd day in a row
iShares Core S&P Small-Cap ETF (IJR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IJR ended the month 3.25% higher at 68.29 after gaining $0.90 (1.34%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 67.71, the ETF confirmed its breakout through the prior session high after trading up to $0.81 above it intraday.
Daily Candlestick Chart (IJR as at Jun 30, 2020):
Tuesday's trading range has been $1.45 (2.16%), that's below the last trading month's daily average range of $2.21. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IJR.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on May 20th, IJR gained 0.09% on the following trading day.
Prices are trading close to the key technical support level at 66.68 (S1).
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 could speed up should prices move above the nearby swing high at 68.78 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for IJR. Out of 99 times, IJR closed higher 52.53% 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 62.63% with an average market move of 0.46%.