TECL ends the day on a bullish note closing near the high of the day


Direxion Technology Bull 3X Shares (TECL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

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

Overview

Moving higher for the 2nd day in a row, TECL ended the month 19.65% higher at 232.89 after gaining $12.40 (5.62%) 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 (TECL as at Jun 30, 2020):

Daily technical analysis candlestick chart for Direxion Technology Bull 3X Shares (TECL) as at Jun 30, 2020

Tuesday's trading range has been $14.70 (6.66%), that's slightly above the last trading month's daily average range of $14.18. 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 TECL.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, TECL actually lost -5.74% on the following trading day.

Prices are trading close to the key technical resistance level at 238.33 (R1).

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the close-by swing high at 242.59 where further buy stops could get activated.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Direxion Technology. Out of 704 times, TECL closed higher 56.11% 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 63.07% with an average market move of 1.69%.


Market Conditions for TECL as at Jun 30, 2020

Loading Market Conditions for TECL (Direxion Technology Bull 3X Shares)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Direxion Technology Bull 3X Shares traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!