YINN closes lower for the 3rd day in a row
Direxion Daily FTSE China Bull 3x Shares (YINN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, YINN ended the month 6.32% higher at 13.12 after losing $0.37 (-2.74%) today. Closing below Monday's low at 13.22, the market confirmed its breakout through the previous session low after trading up to $0.30 below it intraday.
Daily Candlestick Chart (YINN as at Jun 30, 2020):
Tuesday's trading range has been $0.42 (3.16%), that's slightly below the last trading month's daily average range of $0.51. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for YINN.
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 12.56, downside momentum might accelerate should Direxion Daily mark new lows for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Direxion Daily. Out of 151 times, YINN closed higher 58.28% 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 54.30% with an average market move of 1.93%.