PIN closes within prior day's range after lackluster session
PowerShares India ETF (PIN) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
PIN finished Monday at 17.25 gaining $0.07 (0.41%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PIN as at Jun 29, 2020):
Monday's trading range has been $0.14 (0.81%), that's below the last trading month's daily average range of $0.24. 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 continued to consolidate within a tight trading range between 17.12 and 17.32 where it has been caught now for the last three trading days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
The market found buyers again today around 17.16 for the third trading day in a row after having found demand at 17.14 in the previous session and at 17.12 two days ago. The last time this happened on June 26th, PIN gained 0.41% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 17.32 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 17.09 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Its common bullish interpretation has been confirmed for PIN. Out of 54 times, PIN closed higher 59.26% 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 53.70% with an average market move of 0.65%.