IVE finds buyers again around 130.96
iShares S&P 500 Value ETF (IVE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IVE ended the week 0.97% higher at 131.43 after losing $0.12 (-0.09%) today on low volume ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IVE as at Feb 14, 2020):
Friday's trading range has been $0.82 (0.62%), that's slightly below the last trading month's daily average range of $0.96. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IVE.
After trading down to 130.96 earlier during the day, the market bounced off the key technical support level at 131.41 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on January 24th, IVE actually lost -1.38% on the following trading day. After having been unable to move lower than 130.98 in the prior session, the ETF found buyers again around the same price level today at 130.96.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 132.10 where further buy stops could get triggered.
Among the five 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 IVE. Out of 381 times, IVE closed higher 59.58% 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 65.09% with an average market move of 0.57%.