PIN closes lower for the 2nd day in a row


PowerShares India ETF (PIN) Technical Analysis Report for Oct 13, 2020 | by Techniquant Editorial Team

Highlights

PIN closes below its opening price unable to hold early session gains
PIN closes lower for the 2nd day in a row
PIN ends the day indecisive

Overview

Moving lower for the 2nd day in a row, PIN ended Tuesday at 20.20 losing $0.14 (-0.69%). Trading $0.03 higher after the open, the ETF was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 8th, PIN actually gained 0.84% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (PIN as at Oct 13, 2020):

Daily technical analysis candlestick chart for PowerShares India ETF (PIN) as at Oct 13, 2020

Tuesday's trading range has been $0.09 (0.45%), that's far below the last trading month's daily average range of $0.17. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PIN.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for PIN. Out of 139 times, PIN closed higher 54.68% of the time on the next trading day after the market condition occurred.


Market Conditions for PIN as at Oct 13, 2020

Loading Market Conditions for PIN (PowerShares India ETF)...
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