IJS dominated by bulls lifting the market higher throughout the day

iShares S&P Small-Cap 600 Value ETF (IJS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


IJS dominated by bulls lifting the market higher throughout the day
IJS closes higher for the 3rd day in a row
IJS pushes through Wednesday's high


Moving higher for the 3rd day in a row, IJS finished Thursday at 102.18 gaining $6.48 (6.77%) on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 100.10, the market confirmed its breakout through the previous session high after trading up to $3.17 above it intraday.

Daily Candlestick Chart (IJS as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares S&P Small-Cap 600 Value ETF (IJS) as at Mar 26, 2020

Thursday's trading range has been $6.73 (6.95%), that's slightly below the last trading month's daily average range of $7.29. 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 IJS.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IJS gained 0.12% on the following trading day.

Prices are trading close to the key technical resistance level at 108.25 (R1).

While the ETF 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 "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for IJS. Out of 415 times, IJS closed higher 53.49% 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 57.11% with an average market move of 0.24%.

Market Conditions for IJS as at Mar 26, 2020

Loading Market Conditions for IJS (iShares S&P Small-Cap 600 Value ETF)...
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