SCHH breaks back above 50-day moving average
Schwab U.S. REIT (SCHH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SCHH ended the month 0.23% higher at 35.22 after gaining $0.43 (1.24%) today.
Daily Candlestick Chart (SCHH as at Jun 30, 2020):
Tuesday's trading range has been $0.65 (1.87%), that's below the last trading month's daily average range of $1.03. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SCHH.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 25th, SCHH actually lost -1.84% on the following trading day.
Schwab U. S. managed to close back above the 50-day moving average at 35.07 for the first time since June 23rd.
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the nearby swing low at 34.03 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Schwab U. S.. Out of 77 times, SCHH closed higher 59.74% 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 66.23% with an average market move of 0.99%.