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


iShares S&P 500 Growth ETF (IVW) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

IVW rises to highest close ever
IVW closes above its opening price after recovering from early selling pressure
IVW runs into sellers again around 209.71
IVW stuck within tight trading range
IVW closes within previous day's range after lackluster session

Overview

IVW ended the week 2.16% higher at 209.56 after gaining $0.73 (0.35%) today on low volume ahead of tomorrow's Presidents' Day market holiday. Today's close at 209.56 marks the highest recorded closing price ever. Trading up to $0.41 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (IVW as at Feb 14, 2020):

Daily technical analysis candlestick chart for iShares S&P 500 Growth ETF (IVW) as at Feb 14, 2020

Friday's trading range has been $0.93 (0.44%), that's far below the last trading month's daily average range of $2.00. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IVW. Prices continued to consolidate within a tight trading range between 207.78 and 209.73 where it has been caught now for the last three trading days.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Prices are trading close to the key technical resistance level at 209.73 (R1). After having been unable to move above 209.73 in the prior session, the ETF ran into sellers again around the same price level today, failing to move higher than 209.71. The last time this happened on Wednesday, IVW lost -0.04% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could speed up should prices move above the nearby swing high at 209.73 where further buy stops might get triggered.

Among the six 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 IVW. Out of 711 times, IVW closed higher 55.56% 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 64.56% with an average market move of 0.44%.


Market Conditions for IVW as at Feb 14, 2020

Loading Market Conditions for IVW (iShares S&P 500 Growth ETF)...
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