IYZ dominated by bulls lifting the market higher throughout the day
iShares US Telecommunications ETF (IYZ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
IYZ finished Thursday at 25.37 gaining $1.51 (6.33%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 24.82, the market confirmed its breakout through the previous session high after trading up to $0.75 above it intraday.
Daily Candlestick Chart (IYZ as at Mar 26, 2020):
Thursday's trading range has been $1.49 (6.16%), that's slightly above the last trading month's daily average range of $1.31. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for IYZ.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, IYZ actually lost -3.41% on the following trading day.
Prices are trading close to the key technical resistance level at 26.08 (R1).
Although the ETF is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for IYZ. Out of 405 times, IYZ closed higher 52.84% 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 54.32% with an average market move of 0.12%.