XBI closes within previous day's range
SPDR Series Trust S&P Biotech (XBI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
XBI finished the month 8.1% higher at 111.95 after gaining $1.55 (1.4%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (XBI as at Jun 30, 2020):
Tuesday's trading range has been $2.89 (2.63%), that's slightly below the last trading month's daily average range of $3.36. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XBI.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, XBI actually lost -3.28% on the following trading day.
After having been unable to move above 111.98 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 112.21.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 108.43 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for SPDR Series. Out of 643 times, XBI closed higher 53.81% 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 58.63% with an average market move of 0.92%.