IWV fails to close above 20-day moving average


iShares Russell 3000 ETF (IWV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

IWV dominated by bulls lifting the market higher throughout the day
IWV fails to close above 20-day moving average
IWV closes higher for the 2nd day in a row
IWV pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, IWV finished the month 1.94% higher at 180.06 after gaining $2.59 (1.46%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 177.52, the market confirmed its breakout through the prior session high after trading up to $3.37 above it intraday.

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

Daily technical analysis candlestick chart for iShares Russell 3000 ETF (IWV) as at Jun 30, 2020

Tuesday's trading range has been $3.62 (2.04%), that's slightly above the last trading month's daily average range of $3.46. 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 IWV.

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

After spiking up to 180.89 during the day, the ETF found resistance at the 20-day moving average at 180.73. The last time this happened on March 31st, IWV lost -4.72% on the following trading day.

IWV shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might accelerate should prices move above the close-by swing high at 183.25 where further buy stops could get activated.

Among the six 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 IWV. Out of 342 times, IWV closed higher 59.06% 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 61.99% with an average market move of 0.48%.


Market Conditions for IWV as at Jun 30, 2020

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