IJS closes within previous day's range
iShares S&P Small-Cap 600 Value ETF (IJS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IJS ended the month 2.58% higher at 123.47 after losing $1.26 (-1.01%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IJS as at Jul 31, 2020):
Friday's trading range has been $3.29 (2.65%), that's above the last trading month's daily average range of $2.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJS.
After trading as low as 121.10 during the day, the market found support at the 20-day moving average at 121.43. The last time this happened on May 4th, IJS actually lost -0.46% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 126.34 where further buy stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for IJS. Out of 409 times, IJS closed higher 56.48% 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 53.79% with an average market move of 0.31%.