PIN closes higher for the 3rd day in a row
PowerShares India ETF (PIN) Technical Analysis Report for Jun 19, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PIN finished the week 1.81% higher at 16.89 after gaining $0.20 (1.2%) today.
Daily Candlestick Chart (PIN as at Jun 19, 2020):
Friday's trading range has been $0.19 (1.12%), that's below the last trading month's daily average range of $0.25. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIN.
Prices are trading close to the key technical support level at 16.77 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's high at 17.16, upside momentum could speed up should the ETF mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for PIN. Out of 295 times, PIN closed lower 51.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.56% with an average market move of -0.47%.