IYW dominated by bulls lifting the market higher throughout the day
iShares U.S. Technology (IYW) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IYW finished the month 7.09% higher at 269.80 after gaining $5.35 (2.02%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 264.45, iShares U. S. confirmed its breakout through the prior session high after trading up to $5.79 above it intraday.
Daily Candlestick Chart (IYW as at Jun 30, 2020):
Tuesday's trading range has been $6.04 (2.28%), that's slightly above the last trading month's daily average range of $5.62. 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 IYW.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 273.35 where further buy stops might get triggered.
Among the seven 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 iShares U. S.. Out of 328 times, IYW closed higher 58.84% 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 63.11% with an average market move of 0.50%.