IWO dominated by bulls lifting the market higher throughout the day

iShares Russell 2000 Growth (IWO) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


IWO breaks back above 20-day moving average
IWO dominated by bulls lifting the market higher throughout the day
IWO closes higher for the 2nd day in a row
IWO pushes through Monday's high


Moving higher for the 2nd day in a row, IWO finished the month 3.75% higher at 206.87 after gaining $3.16 (1.55%) 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 204.74, the market confirmed its breakout through the previous session high after trading up to $2.47 above it intraday.

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

Daily technical analysis candlestick chart for iShares Russell 2000 Growth (IWO) as at Jun 30, 2020

Tuesday's trading range has been $4.44 (2.19%), that's slightly below the last trading month's daily average range of $5.41. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IWO.

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

The ETF managed to close back above the 20-day moving average at 204.59. When this moving average was crossed above the last time on June 25th, IWO actually lost -2.54% on the following trading day.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could speed up should prices move above the close-by swing high at 209.76 where further buy stops might get activated. As prices are trading close to June's high at 214.16, upside momentum could accelerate should iShares Russell mark new highs for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for iShares Russell. Out of 346 times, IWO closed higher 54.05% 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 58.09% with an average market move of 0.46%.

Market Conditions for IWO as at Jun 30, 2020

Loading Market Conditions for IWO (iShares Russell 2000 Growth)...
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