IWV ends the day indecisive
iShares Russell 3000 ETF (IWV) Technical Analysis Report for Sep 21, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, IWV ended Monday at 192.24 losing $2.18 (-1.12%). Today's close at 192.24 marks the lowest recorded closing price since August 3rd. Trading up to $2.22 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 2nd, IWV actually lost -3.55% on the following trading day. 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 Sep 21, 2020):
Monday's trading range has been $2.91 (1.52%), that's slightly below the last trading month's daily average range of $2.99. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IWV.
One bullish candlestick pattern matches today's price action, the Takuri Line.
Prices are trading close to the key technical resistance level at 192.79 (R1).
Although the ETF is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the five 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 500 times, IWV closed higher 56.40% 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 63.80% with an average market move of 0.38%.