PIN closes higher for the 5th day in a row
PowerShares India ETF (PIN) Technical Analysis Report for Jun 23, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, PIN finished Tuesday at 17.44 gaining $0.13 (0.75%). Today's close at 17.44 marks the highest recorded closing price since March 6th. Trading $0.12 higher after the open, the ETF was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 17th, PIN actually gained 0.66% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PIN as at Jun 23, 2020):
Tuesday's trading range has been $0.20 (1.14%), 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 higher than usual for PIN.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for PIN. Out of 30 times, PIN closed higher 56.67% 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 56.67% with an average market move of 0.26%.