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


iShares Russell 1000 ETF (IWB) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

IWB closes above its opening price after recovering from early selling pressure
IWB ends the day indecisive

Overview

IWB ended the month 5.94% higher at 181.87 after gaining $1.19 (0.66%) today. Trading up to $2.77 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (IWB as at Jul 31, 2020):

Daily technical analysis candlestick chart for iShares Russell 1000 ETF (IWB) as at Jul 31, 2020

Friday's trading range has been $2.82 (1.55%), that's slightly above the last trading month's daily average range of $2.35. 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.

Four candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Northern Doji showed up on July 17th, IWB actually gained 0.93% on the following trading day.

Prices are trading close to the key technical resistance level at 182.45 (R1).

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

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IWB. Out of 87 times, IWB closed higher 55.17% 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 64.37% with an average market move of 0.47%.


Market Conditions for IWB as at Jul 31, 2020

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