XLV pushes through Monday's high


Health Care Select Sector SPDR ETF (XLV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

XLV breaks back above 50-day moving average
XLV dominated by bulls lifting the market higher throughout the day
XLV fails to close above 20-day moving average
XLV closes higher for the 2nd day in a row
XLV pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, XLV ended the month -2.85% lower at 100.07 after gaining $1.68 (1.71%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 98.57, the market confirmed its breakout through the prior session high after trading up to $2.03 above it intraday.

Daily Candlestick Chart (XLV as at Jun 30, 2020):

Daily technical analysis candlestick chart for Health Care Select Sector SPDR ETF (XLV) as at Jun 30, 2020

Tuesday's trading range has been $2.47 (2.51%), that's slightly above the last trading month's daily average range of $1.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XLV.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.

The ETF managed to close back above the 50-day moving average at 100.00 for the first time since June 23rd. After spiking up to 100.60 during the day, XLV found resistance at the 20-day moving average at 100.13. The last time this happened on June 23rd, XLV lost -2.61% on the following trading day.

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might speed up should prices move above the close-by swing high at 101.23 where further buy stops could get activated.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for XLV. Out of 91 times, XLV closed higher 63.74% 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 65.93% with an average market move of 0.73%.


Market Conditions for XLV as at Jun 30, 2020

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