PIN ends the day on a bullish note closing near the high of the day
PowerShares India ETF (PIN) Technical Analysis Report for Jul 01, 2020 | by Techniquant Editorial Team
PIN ended Wednesday at 17.39 gaining $0.31 (1.81%). Trading up to $0.08 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 10th, PIN actually lost -6.83% on the following trading day. 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 Jul 01, 2020):
Wednesday's trading range has been $0.22 (1.28%), that's slightly below the last trading month's daily average range of $0.24. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might speed up should prices move below the close-by swing low at 17.08 where further sell stops could get triggered.
Among the five 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 645 times, PIN closed lower 59.07% 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 53.49% with an average market move of -0.43%.