IWC dominated by bulls lifting the market higher throughout the day
iShares Micro-Cap ETF (IWC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IWC finished Thursday at 67.74 gaining $3.54 (5.51%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 66.17, the ETF confirmed its breakout through the previous session high after trading up to $2.25 above it intraday.
Daily Candlestick Chart (IWC as at Mar 26, 2020):
Thursday's trading range has been $3.55 (5.47%), that's slightly below the last trading month's daily average range of $3.86. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for IWC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IWC gained 0.39% on the following trading day.
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for IWC. Out of 455 times, IWC closed higher 54.51% 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 58.90% with an average market move of 0.44%.