XLRE breaks back above 100-day moving average
Real Estate Select Sector SPDR (XLRE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XLRE ended the month 0.46% higher at 34.81 after gaining $0.50 (1.46%) today.
Daily Candlestick Chart (XLRE as at Jun 30, 2020):
Tuesday's trading range has been $0.69 (2.01%), that's slightly below the last trading month's daily average range of $0.84. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XLRE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, XLRE actually lost -1.72% on the following trading day.
The ETF managed to close back above the 100-day moving average at 34.63 for the first time since June 22nd. Prices are trading close to the key technical resistance level at 35.36 (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 three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for XLRE. Out of 22 times, XLRE closed higher 54.55% 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 seven trading days, showing a win rate of 59.09% with an average market move of -0.14%.