IJT dominated by bulls lifting the market higher throughout the day
iShares S&P Small-Cap 600 Growth ETF (IJT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IJT ended Thursday at 141.30 gaining $9.06 (6.85%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 137.35, the ETF confirmed its breakout through the previous session high after trading up to $4.38 above it intraday.
Daily Candlestick Chart (IJT as at Mar 26, 2020):
Thursday's trading range has been $11.81 (8.87%), that's above the last trading month's daily average range of $9.07. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IJT.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IJT gained 1.22% on the following trading day.
After trading down to 129.92 earlier during the day, the market bounced off the key technical support level at 130.96 (S1). The failure to close below the support might increase that levels importance as support going forward.
Though IJT 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 Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for IJT. Out of 390 times, IJT closed higher 63.85% 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 58.97% with an average market move of 0.68%.