PIN breaks back below 100-day moving average for the first time since January 29th
PowerShares India ETF (PIN) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
PIN ended Wednesday at 23.28 tanking $0.40 (-1.69%).
Daily Candlestick Chart (PIN as at Feb 13, 2019):
Wednesday's trading range has been $0.21 (0.9%), that's above the last trading month's daily average range of $0.16. 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 PIN.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Monday, PIN actually gained 1.07% on the following trading day.
Prices are trading close to the key technical support level at 23.05 (S1). The market closed back below the 100-day moving average at 23.34 for the first time since January 29th.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 23.12, downside momentum might accelerate should the ETF break out to new lows for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for PIN. Out of 92 times, PIN closed higher 60.87% 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 60.87% with an average market move of 0.62%.