SCHZ closes above its opening price after recovering from early selling pressure
Schwab US Aggregate Bond (SCHZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SCHZ ended the month 0.45% higher at 56.24 after gaining $0.12 (0.21%) today. Today's close at 56.24 marks the highest recorded closing price ever. Trading up to $0.06 lower after the open, Schwab US managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 26th, SCHZ actually lost -0.09% on the following trading day. Closing above Monday's high at 56.20, the market confirmed its breakout through the prior session high after trading up to $0.05 above it intraday.
Daily Candlestick Chart (SCHZ as at Jun 30, 2020):
Tuesday's trading range has been $0.13 (0.23%), that's slightly below the last trading month's daily average range of $0.14. 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 SCHZ.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Schwab US. Out of 280 times, SCHZ closed higher 53.21% 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 55.00% with an average market move of 0.04%.