PIN ends the day on a bearish note closing near the low of the day
PowerShares India ETF (PIN) Technical Analysis Report for Jun 24, 2020 | by Techniquant Editorial Team
PIN ended Wednesday at 17.09 losing $0.35 (-2.01%) on high volume. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PIN as at Jun 24, 2020):
Wednesday's trading range has been $0.25 (1.44%), that's slightly above the last trading month's daily average range of $0.25. 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.
Three candlestick patterns are matching today's price action, the Bearish Closing Marubozu, the Black Candle and the Evening Star which are known as bearish patterns. The last time a Bearish Closing Marubozu showed up on June 11th, PIN actually gained 4.80% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Evening Star" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for PIN. Out of 4 times, PIN closed higher 75.00% of the time on the next trading day after the market condition occurred.