USMV closes higher for the 2nd day in a row


iShares Edge MSCI Min Vol USA (USMV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

USMV breaks back above 100-day moving average
USMV dominated by bulls lifting the market higher throughout the day
USMV closes higher for the 2nd day in a row
USMV pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, USMV ended the month -1.61% lower at 60.63 after gaining $0.72 (1.2%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 59.91, iShares Edge confirmed its breakout through the previous session high after trading up to $0.95 above it intraday.

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

Daily technical analysis candlestick chart for iShares Edge MSCI Min Vol USA (USMV) as at Jun 30, 2020

Tuesday's trading range has been $1.07 (1.79%), that's slightly above the last trading month's daily average range of $1.03. 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 USMV.

Three candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 26th, USMV actually gained 1.25% on the following trading day.

The ETF managed to close back above the 100-day moving average at 59.96 for the first time since June 23rd.

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 could accelerate should prices move above the close-by swing high at 61.39 where further buy stops might get triggered.

Among the nine 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 iShares Edge. Out of 318 times, USMV closed higher 58.81% 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 65.72% with an average market move of 0.45%.


Market Conditions for USMV as at Jun 30, 2020

Loading Market Conditions for USMV (iShares Edge MSCI Min Vol USA)...
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