IOO pushes through Wednesday's high


iShares Global 100 ETF (IOO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

IOO dominated by bulls lifting the market higher throughout the day
IOO closes higher for the 3rd day in a row
IOO pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, IOO finished Thursday at 44.99 gaining $2.22 (5.19%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 44.15, the market confirmed its breakout through the previous session high after trading up to $0.94 above it intraday.

Daily Candlestick Chart (IOO as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares Global 100 ETF (IOO) as at Mar 26, 2020

Thursday's trading range has been $2.00 (4.64%), that's slightly below the last trading month's daily average range of $2.15. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IOO.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IOO gained 1.09% on the following trading day.

Although the ETF is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for IOO. Out of 775 times, IOO closed higher 51.35% 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 59.35% with an average market move of 0.11%.


Market Conditions for IOO as at Mar 26, 2020

Loading Market Conditions for IOO (iShares Global 100 ETF)...
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