IOO closes above its opening price after recovering from early selling pressure


iShares Global 100 ETF (IOO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

IOO closes above its opening price after recovering from early selling pressure
IOO closes lower for the 2nd day in a row
IOO ends the day indecisive

Overview

Moving lower for the 2nd day in a row, IOO finished the week 2.27% higher at 49.93 after edging lower $0.13 (-0.26%) today ahead of tomorrow's Memorial Day market holiday. Trading up to $0.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 8th, IOO gained 0.42% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (IOO as at May 22, 2020):

Daily technical analysis candlestick chart for iShares Global 100 ETF (IOO) as at May 22, 2020

Friday's trading range has been $0.30 (0.6%), that's far below the last trading month's daily average range of $0.66. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IOO.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might speed up should prices move above the nearby swing high at 50.62 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IOO. Out of 288 times, IOO closed higher 55.90% 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 61.11% with an average market move of 0.58%.


Market Conditions for IOO as at May 22, 2020

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