RSX finds buyers at key support level
VanEck Vectors Russia ETF (RSX) Technical Analysis Report for Apr 18, 2019 | by Techniquant Editorial Team
RSX ended Thursday at 21.73 losing $0.06 (-0.28%) ahead of tomorrow's Good Friday market holiday. Trading up to $0.11 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (RSX as at Apr 18, 2019):
Thursday's trading range has been $0.21 (0.97%), that's slightly below the last trading month's daily average range of $0.23. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RSX.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 21.59 earlier during the day, the market bounced off the key technical support level at 21.70 (S1). The failure to close below the support might increase that levels importance as support going forward.
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 21.84 where further buy stops might get activated.
Among the four 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 RSX. Out of 186 times, RSX closed higher 59.68% 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 59.14% with an average market move of 1.07%.