PIN ends the day indecisive
PowerShares India ETF (PIN) Technical Analysis Report for Oct 16, 2020 | by Techniquant Editorial Team
PIN finished the week -2.0% lower at 20.04 after edging higher $0.06 (0.3%) today. Trading up to $0.03 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 16, 2020):
Friday's trading range has been $0.07 (0.35%), that's far below the last trading month's daily average range of $0.17. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PIN.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on September 28th, PIN actually lost -0.15% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for PIN. Out of 141 times, PIN closed higher 56.03% 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 four trading days, showing a win rate of 54.61% with an average market move of 0.21%.