IYZ closes above its opening price after recovering from early selling pressure
iShares US Telecommunications ETF (IYZ) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
IYZ ended Tuesday at 31.04 gaining $0.19 (0.62%). Today's close at 31.04 marks the highest recorded closing price since October 11, 2017. Trading up to $0.04 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IYZ as at Apr 16, 2019):
Tuesday's trading range has been $0.11 (0.36%), that's far below the last trading month's daily average range of $0.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IYZ.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on April 1st, IYZ actually lost -0.13% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for IYZ. Out of 636 times, IYZ closed higher 53.14% 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 54.40% with an average market move of 0.32%.