IYZ closes higher for the 2nd day in a row
iShares US Telecommunications ETF (IYZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IYZ finished the month -1.89% lower at 27.56 after gaining $0.29 (1.06%) today.
Daily Candlestick Chart (IYZ as at Jun 30, 2020):
Tuesday's trading range has been $0.38 (1.39%), that's below the last trading month's daily average range of $0.51. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IYZ.
One bullish candlestick pattern matches today's price action, the White Candle.
The ETF managed to close back above the 100-day moving average at 27.30 for the first time since June 23rd. When this moving average was crossed above the last time on June 12th, IYZ actually lost -0.32% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 27.95 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for IYZ. Out of 83 times, IYZ closed higher 51.81% 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 63.86% with an average market move of 0.51%.