PIN ends the day on a bullish note closing near the high of the day


PowerShares India ETF (PIN) Technical Analysis Report for Jun 22, 2020 | by Techniquant Editorial Team

Highlights

PIN rises to highest close since March 6th
PIN dominated by bulls lifting the market higher throughout the day
PIN closes higher for the 4th day in a row
PIN ends the day on a bullish note closing near the high of the day

Overview

Moving higher for the 4th day in a row, PIN finished Monday at 17.31 gaining $0.42 (2.49%). Today's close at 17.31 marks the highest recorded closing price since March 6th. 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 (PIN as at Jun 22, 2020):

Daily technical analysis candlestick chart for PowerShares India ETF (PIN) as at Jun 22, 2020

Monday's trading range has been $0.24 (1.4%), that's slightly below the last trading month's daily average range of $0.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIN.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 18th, PIN gained 1.20% on the following trading day.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for PIN. Out of 643 times, PIN closed lower 59.10% 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 53.65% with an average market move of -0.44%.


Market Conditions for PIN as at Jun 22, 2020

Loading Market Conditions for PIN (PowerShares India ETF)...
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