XLI closes higher for the 2nd day in a row
Industrial Select Sector SPDR ETF (XLI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XLI finished the month 1.52% higher at 68.70 after gaining $0.39 (0.57%) today on low volume. Closing above Monday's high at 68.31, the market confirmed its breakout through the previous session high after trading up to $0.78 above it intraday.
Daily Candlestick Chart (XLI as at Jun 30, 2020):
Tuesday's trading range has been $1.50 (2.21%), that's slightly below the last trading month's daily average range of $1.78. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for XLI.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 69.65 (R1).
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 69.83 where further buy stops might get activated.
Among the four 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 XLI. Out of 329 times, XLI closed higher 56.84% 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 60.18% with an average market move of 0.56%.