QUAL closes higher for the 2nd day in a row


iShares Edge MSCI USA Quality Factor (QUAL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

QUAL dominated by bulls lifting the market higher throughout the day
QUAL closes higher for the 2nd day in a row
QUAL ends the day on a bullish note closing near the high of the day

Overview

Moving higher for the 2nd day in a row, QUAL ended the month -0.19% lower at 95.92 after gaining $1.46 (1.55%) today. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (QUAL as at Jun 30, 2020):

Daily technical analysis candlestick chart for iShares Edge MSCI USA Quality Factor (QUAL) as at Jun 30, 2020

Tuesday's trading range has been $1.91 (2.02%), that's slightly above the last trading month's daily average range of $1.89. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QUAL.

One bullish candlestick pattern matches today's price action, the White Candle.

Prices are trading close to the key technical resistance level at 96.85 (R1).

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might speed up should prices move above the close-by swing high at 97.96 where further buy stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for iShares Edge. Out of 295 times, QUAL closed higher 56.61% 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 67.12% with an average market move of 0.67%.


Market Conditions for QUAL as at Jun 30, 2020

Loading Market Conditions for QUAL (iShares Edge MSCI USA Quality Factor)...
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QUAL finds buyers at key support level

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