IWM closes higher for the 3rd day in a row


iShares Russell 2000 ETF (IWM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

IWM dominated by bulls lifting the market higher throughout the day
IWM closes higher for the 3rd day in a row
IWM pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, IWM ended Thursday at 116.81 gaining $6.84 (6.22%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 114.00, the ETF confirmed its breakout through the previous session high after trading up to $3.60 above it intraday.

Daily Candlestick Chart (IWM as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares Russell 2000 ETF (IWM) as at Mar 26, 2020

Thursday's trading range has been $6.39 (5.73%), that's below the last trading month's daily average range of $7.71. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IWM.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 2nd, IWM actually lost -2.04% on the following trading day.

Prices are trading close to the key technical resistance level at 119.96 (R1).

Although IWM ETF 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 IWM ETF. Out of 427 times, IWM closed higher 55.04% 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 56.67% with an average market move of 0.19%.


Market Conditions for IWM as at Mar 26, 2020

Loading Market Conditions for IWM (iShares Russell 2000 ETF)...
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IWM closes within previous day's range

Apr 07, 2020
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