IJT dominated by bears dragging the market lower throughout the day

iShares S&P Small-Cap 600 Growth ETF (IJT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


IJT dominated by bears dragging the market lower throughout the day
IJT stuck within tight trading range
IJT closes within previous day's range


IJT ended the week 1.88% higher at 198.44 after losing $1.30 (-0.65%) today on low volume ahead of tomorrow's Presidents' Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (IJT as at Feb 14, 2020):

Daily technical analysis candlestick chart for iShares S&P Small-Cap 600 Growth ETF (IJT) as at Feb 14, 2020

Friday's trading range has been $1.74 (0.87%), that's slightly below the last trading month's daily average range of $2.14. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IJT. Prices continued to consolidate within a tight trading range between 197.26 and 200.05 where it has been caught now for the last three trading days.

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. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 7th, IJT actually gained 0.69% on the following trading day.

Prices are trading close to the key technical support level at 197.57 (S1). Prices are trading close to the key technical resistance level at 200.00 (R1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 200.05 where further buy stops might get triggered. With prices trading close to this year's high at 200.15, upside momentum could speed up should the market be able to break out to new highs for the year.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IJT. Out of 588 times, IJT closed higher 55.78% 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 57.65% with an average market move of 0.66%.

Market Conditions for IJT as at Feb 14, 2020

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