IVZ dominated by bulls lifting the market higher throughout the day
Invesco Ltd (IVZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IVZ finished the month 35.01% higher at 10.76 after gaining $0.37 (3.56%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 10.41, Invesco Ltd confirmed its breakout through the prior session high after trading up to $0.41 above it intraday.
Daily Candlestick Chart (IVZ as at Jun 30, 2020):
Tuesday's trading range has been $0.56 (5.41%), that's slightly below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IVZ.
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 share managed to close back above the 100-day moving average at 10.59 for the first time since June 23rd. When this moving average was crossed above the last time on June 17th, IVZ gained 0.98% 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.
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 100" stand out. Its common bullish interpretation has been confirmed for Invesco Ltd. Out of 56 times, IVZ closed higher 64.29% 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 60.71% with an average market move of 0.60%.