IJS closes within prior day's range
iShares S&P Small-Cap 600 Value ETF (IJS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
IJS finished Wednesday at 128.42 gaining $1.23 (0.97%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IJS as at Sep 16, 2020):
Wednesday's trading range has been $2.62 (2.05%), that's slightly above the last trading month's daily average range of $2.31. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJS.
Prices are trading close to the key technical support level at 126.89 (S1). After spiking up to 130.02 during the day, the ETF found resistance at the 200-day moving average at 129.14. The last time this happened on September 5, 2019, IJS lost -0.37% on the following trading day.
While the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IJS. Out of 46 times, IJS closed higher 54.35% 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 50.00% with an average market move of 0.68%.