IWF pushes through Monday's high
iShares Russell 1000 Growth (IWF) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IWF ended the month 4.14% higher at 191.95 after gaining $3.41 (1.81%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 188.54, iShares Russell confirmed its breakout through the previous session high after trading up to $4.18 above it intraday.
Daily Candlestick Chart (IWF as at Jun 30, 2020):
Tuesday's trading range has been $4.32 (2.29%), that's slightly above the last trading month's daily average range of $3.74. 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 IWF.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, IWF actually lost -2.33% on the following trading day.
The market managed to close back above the 20-day moving average at 189.53. Prices are trading close to the key technical resistance level at 192.90 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 195.35 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 "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for iShares Russell. Out of 409 times, IWF closed higher 58.92% 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 66.75% with an average market move of 0.58%.