IWV dominated by bulls lifting the market higher throughout the day


iShares Russell 3000 ETF (IWV) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

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

Overview

Moving higher for the 3rd day in a row, IWV finished Thursday at 150.26 gaining $8.09 (5.69%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 147.79, the ETF confirmed its breakout through the previous session high after trading up to $3.49 above it intraday.

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

Daily technical analysis candlestick chart for iShares Russell 3000 ETF (IWV) as at Mar 26, 2020

Thursday's trading range has been $7.34 (5.09%), that's slightly below the last trading month's daily average range of $8.14. 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 IWV.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IWV gained 0.76% on the following trading day.

Prices are trading close to the key technical resistance level at 156.59 (R1).

Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IWV. Out of 198 times, IWV closed higher 52.53% 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 65.15% with an average market move of 0.39%.


Market Conditions for IWV as at Mar 26, 2020

Loading Market Conditions for IWV (iShares Russell 3000 ETF)...
Latest Report:

IWV finds buyers again around 140.41

Apr 02, 2020
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