IXUS finds buyers around 54.23 for the forth day in a row
iShares Core MSCI Total International Stock ETF (IXUS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
IXUS ended the month 3.26% higher at 54.52 after losing $0.18 (-0.33%) today on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IXUS as at Jun 30, 2020):
Tuesday's trading range has been $0.48 (0.88%), that's below the last trading month's daily average range of $0.79. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IXUS. Prices continued to consolidate within a tight trading range between 54.13 and 55.21 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 23rd, IXUS lost -2.19% on the following trading day.
The ETF was bought again around 54.23 after having seen lows at 54.14, 54.13 and 54.15 in the last three trading sessions. Obviously there is something going on at that level.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the nearby swing low at 54.13 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Its common bullish interpretation has been confirmed for iShares Core. Out of 56 times, IXUS closed higher 62.50% of the time on the next trading day after the market condition occurred.