IWB closes higher for the 2nd day in a row

iShares Russell 1000 ETF (IWB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


IWB dominated by bulls lifting the market higher throughout the day
IWB fails to close above 20-day moving average
IWB closes higher for the 2nd day in a row
IWB pushes through Monday's high


Moving higher for the 2nd day in a row, IWB ended the month 1.91% higher at 171.68 after gaining $2.53 (1.5%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 169.15, the ETF confirmed its breakout through the previous session high after trading up to $3.28 above it intraday.

Daily Candlestick Chart (IWB as at Jun 30, 2020):

Daily technical analysis candlestick chart for iShares Russell 1000 ETF (IWB) as at Jun 30, 2020

Tuesday's trading range has been $3.47 (2.05%), that's slightly above the last trading month's daily average range of $3.31. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IWB.

One bullish candlestick pattern matches today's price action, the White Candle.

After spiking up to 172.43 during the day, the market found resistance at the 20-day moving average at 172.34. The last time this happened on March 31st, IWB lost -4.40% on the following trading day.

IWB shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying could speed up should prices move above the close-by swing high at 174.78 where further buy stops might get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for IWB. Out of 29 times, IWB closed higher 68.97% 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 58.62% with an average market move of 1.00%.

Market Conditions for IWB as at Jun 30, 2020

Loading Market Conditions for IWB (iShares Russell 1000 ETF)...
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