PIN breaks below Monday's low
PowerShares India ETF (PIN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
PIN ended the month 5.43% higher at 17.08 after losing $0.17 (-0.99%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 17.16, the market confirmed its breakout through the previous session low after trading up to $0.08 below it intraday.
Daily Candlestick Chart (PIN as at Jun 30, 2020):
Tuesday's trading range has been $0.15 (0.87%), that's below the last trading month's daily average range of $0.23. Weekly volatility is also lower, being below 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 Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Bearish Short Candle showed up on April 21st, PIN actually gained 4.48% on the following trading day.
Prices are trading close to the key technical support level at 17.04 (S1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 17.32 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for PIN. Out of 73 times, PIN closed higher 53.42% 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 two trading days, showing a win rate of 61.64% with an average market move of 0.25%.