IVE pushes through Wednesday's high
iShares S&P 500 Value ETF (IVE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IVE finished Thursday at 97.93 gaining $5.69 (6.17%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 95.70, the market confirmed its breakout through the prior session high after trading up to $2.86 above it intraday.
Daily Candlestick Chart (IVE as at Mar 26, 2020):
Thursday's trading range has been $5.56 (5.96%), that's slightly below the last trading month's daily average range of $5.66. 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 IVE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IVE gained 1.35% on the following trading day.
Buyers managed to take out the key technical resistance level at 93.32 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 103.12 (R1).
While the ETF is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the close-by swing high at 103.12 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for IVE. Out of 651 times, IVE closed higher 52.84% 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 61.14% with an average market move of 0.23%.