VOE pushes through Monday's high
Vanguard Mid-Cap Value (VOE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VOE ended the month 0.41% higher at 95.70 after gaining $1.32 (1.4%) today. Closing above Monday's high at 94.50, the ETF confirmed its breakout through the prior session high after trading up to $1.59 above it intraday.
Daily Candlestick Chart (VOE as at Jun 30, 2020):
Tuesday's trading range has been $2.17 (2.3%), that's slightly below the last trading month's daily average range of $2.50. 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 VOE.
One bullish candlestick pattern matches today's price action, the White Candle.
Vanguard Mid-Cap managed to close back above the 100-day moving average at 94.68 for the first time since June 23rd. When this moving average was crossed above the last time on June 15th, VOE gained 1.95% on the following trading day. Prices are trading close to the key technical resistance level at 97.50 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Vanguard Mid-Cap. Out of 340 times, VOE closed higher 54.71% 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 62.94% with an average market move of 0.45%.