IWV closes above its opening price after recovering from early selling pressure
iShares Russell 3000 ETF (IWV) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
IWV ended the month 5.77% higher at 190.45 after gaining $1.08 (0.57%) today. Trading up to $2.62 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (IWV as at Jul 31, 2020):
Friday's trading range has been $2.86 (1.5%), that's slightly above the last trading month's daily average range of $2.48. 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.
Four candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Northern Doji showed up on July 17th, IWV actually gained 0.84% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for IWV. Out of 499 times, IWV closed higher 55.71% 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 63.73% with an average market move of 0.38%.