XLI rises to highest close since October 16, 2018
Industrial Select Sector SPDR ETF (XLI) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, XLI ended Wednesday at 75.04 gaining $0.44 (0.59%) on low volume. Today's close at 75.04 marks the highest recorded closing price since October 16, 2018. Trading up to $0.20 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 8th, XLI gained 0.53% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (XLI as at Feb 13, 2019):
Wednesday's trading range has been $0.60 (0.8%), that's below the last trading month's daily average range of $0.92. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XLI.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 74.46 (S1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for XLI. Out of 517 times, XLI closed higher 53.58% 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 60.54% with an average market move of 0.64%.