PIN dominated by bears dragging the market lower throughout the day
PowerShares India ETF (PIN) Technical Analysis Report for Oct 14, 2020 | by Techniquant Editorial Team
PIN finished Wednesday at 20.29 gaining $0.09 (0.45%). The bears were in full control today, moving the market lower throughout the whole session.
Daily Candlestick Chart (PIN as at Oct 14, 2020):
Wednesday's trading range has been $0.15 (0.73%), that's slightly 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 Black Candle. The last time a Black Candle showed up on October 6th, PIN actually gained 0.85% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 20.50 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 20.16 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for PIN. Out of 424 times, PIN closed higher 59.43% 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 54.72% with an average market move of 0.36%.