MGK breaks back above 20-day moving average
Vanguard Mega Cap Growth (MGK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MGK ended the month 5.1% higher at 163.51 after gaining $3.07 (1.91%) today. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MGK as at Jun 30, 2020):
Tuesday's trading range has been $3.68 (2.29%), that's slightly above the last trading month's daily average range of $3.21. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MGK.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, MGK actually lost -2.51% on the following trading day.
The market managed to close back above the 20-day moving average at 161.05.
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 166.69 where further buy stops might get triggered.
Among the eight 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 Vanguard Mega. Out of 337 times, MGK closed higher 59.05% 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 66.17% with an average market move of 0.58%.