TAIEX dominated by bulls lifting the market higher throughout the day


Taiwan Capitalization Weighted Index (TAIEX) Technical Analysis Report for Jul 01, 2020 | by Techniquant Editorial Team

Highlights

TAIEX dominated by bulls lifting the market higher throughout the day
TAIEX closes higher for the 2nd day in a row
TAIEX pushes through Tuesday's high

Overview

Moving higher for the 2nd day in a row, TAIEX finished Wednesday at 11703.42 gaining $82.18 (0.71%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 11638.00, the stock index confirmed its breakout through the prior session high after trading up to $98.39 above it intraday.

Daily Candlestick Chart (TAIEX as at Jul 01, 2020):

Daily technical analysis candlestick chart for Taiwan Capitalization Weighted Index (TAIEX) as at Jul 01, 2020

Wednesday's trading range has been $113.75 (0.98%), that's slightly above the last trading month's daily average range of $113.01. 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 lower than usual for TAIEX.

One bullish candlestick pattern matches today's price action, the White Candle.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Further buying could move prices higher should the market test June's close-by high at 11771.12.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Taiwan Index. Out of 277 times, TAIEX closed higher 57.04% 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 61.01% with an average market move of 0.32%.


Market Conditions for TAIEX as at Jul 01, 2020

Loading Market Conditions for TAIEX (Taiwan Capitalization Weighted Index)...
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