IJR runs into sellers again around 74.12

iShares Core S&P Small-Cap ETF (IJR) Technical Analysis Report for Aug 06, 2020 | by Techniquant Editorial Team


IJR runs into sellers again around 74.12
IJR closes within previous day's range after lackluster session


IJR finished Thursday at 73.69 losing $0.41 (-0.55%). 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 (IJR as at Aug 06, 2020):

Daily technical analysis candlestick chart for iShares Core S&P Small-Cap ETF (IJR) as at Aug 06, 2020

Thursday's trading range has been $0.79 (1.07%), that's far below the last trading month's daily average range of $1.28. 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 slightly higher than usual for IJR.

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. After moving higher in the prior session, the ETF closed lower but above the previous day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on July 28th, IJR actually gained 2.53% on the following trading day.

After having been unable to move above 74.13 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 74.12.

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 74.13 where further buy stops might get triggered. Trading close to June's high at 75.80 we could see further upside momentum if potential buy stops at the level get activated.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IJR. Out of 588 times, IJR closed higher 56.29% 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 57.48% with an average market move of 0.56%.

Market Conditions for IJR as at Aug 06, 2020

Loading Market Conditions for IJR (iShares Core S&P Small-Cap ETF)...
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