IJT pushes through Monday's high
iShares S&P Small-Cap 600 Growth ETF (IJT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IJT ended the month 3.63% higher at 169.79 after gaining $2.32 (1.39%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 168.25, the market confirmed its breakout through the prior session high after trading up to $2.22 above it intraday.
Daily Candlestick Chart (IJT as at Jun 30, 2020):
Tuesday's trading range has been $3.49 (2.09%), that's below the last trading month's daily average range of $4.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IJT.
One bullish candlestick pattern matches today's price action, the White Candle.
The ETF managed to close back above the 20-day moving average at 169.71 for the first time since June 17th. When this moving average was crossed above the last time on June 15th, IJT gained 2.28% on the following trading day. Prices are trading close to the key technical resistance level at 171.54 (R1).
IJT shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 170.70 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for IJT. Out of 162 times, IJT closed higher 51.85% 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 60.49% with an average market move of 0.49%.