IVE breaks back above 100-day moving average
iShares S&P 500 Value ETF (IVE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IVE ended the month -1.56% lower at 108.21 after gaining $1.24 (1.16%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 107.01, the market confirmed its breakout through the prior session high after trading up to $1.74 above it intraday.
Daily Candlestick Chart (IVE as at Jun 30, 2020):
Tuesday's trading range has been $2.10 (1.97%), that's slightly below the last trading month's daily average range of $2.28. 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 IVE.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The ETF managed to close back above the 100-day moving average at 108.15 for the first time since June 23rd. When this moving average was crossed above the last time on June 23rd, IVE actually lost -2.80% on the following trading day.
IVE shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 110.54 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IVE. Out of 332 times, IVE closed higher 56.93% 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 61.45% with an average market move of 0.39%.