IOO finds buyers at key support level
iShares Global 100 ETF (IOO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
IOO ended the week 0.9% higher at 56.31 after flat today ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (IOO as at Feb 14, 2020):
Friday's trading range has been $0.31 (0.55%), that's below the last trading month's daily average range of $0.42. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IOO.
After trading down to 56.11 earlier during the day, the ETF bounced off the key technical support level at 56.18 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on February 5th, IOO gained 0.66% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.