PIN dominated by bulls lifting the market higher throughout the day
PowerShares India ETF (PIN) Technical Analysis Report for Sep 21, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, PIN finished Monday at 19.64 losing $0.14 (-0.71%). The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (PIN as at Sep 21, 2020):
Monday's trading range has been $0.32 (1.65%), that's far above the last trading month's daily average range of $0.15. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PIN.
Three candlestick patterns are matching today's price action, the Bullish Closing Marubozu, the Bullish Hikkake Pattern and the White Candle which are known as bullish patterns. The last time a Bullish Hikkake Pattern showed up on June 30th, PIN gained 1.81% on the following trading day.
Prices are trading close to the key technical resistance level at 19.77 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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 54.79% 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 0.27%.