IBKR runs into sellers around 55.47 for the third day in a row


Interactive Brokers Group, Inc. (IBKR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

IBKR runs into sellers around 55.47 for the third day in a row
IBKR closes below its opening price unable to hold early session gains
IBKR stuck within tight trading range
IBKR closes within previous day's range after lackluster session

Overview

IBKR ended the week 6.55% higher at 55.14 after losing $0.13 (-0.24%) today on low volume, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.19 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (IBKR as at Feb 14, 2020):

Daily technical analysis candlestick chart for Interactive Brokers Group, Inc. (IBKR) as at Feb 14, 2020

Friday's trading range has been $0.53 (0.96%), that's far below the last trading month's daily average range of $1.58. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for IBKR. Prices continued to consolidate within a tight trading range between 54.26 and 55.56 where it has been caught now for the last three trading days.

Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Bearish Spinning Top which are both known as bearish patterns. The last time a Bearish Hikkake Pattern showed up on January 21st, IBKR lost -3.23% on the following trading day.

Prices are trading close to the key technical support level at 54.57 (S1). The share ran into sellers again today around 55.47 for the third trading day in a row after having found sellers at 55.32 in the previous session and at 55.56 two days ago.

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

Buying could speed up should prices move above the nearby swing high at 55.56 where further buy stops might get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Interactive Brokers. Out of 164 times, IBKR closed higher 59.15% 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 57.93% with an average market move of 1.06%.


Market Conditions for IBKR as at Feb 14, 2020

Loading Market Conditions for IBKR (Interactive Brokers Group, Inc.)...
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