The iShares U.S. Medical Devices ETF $IHI is doing a double bottom test as of September 25, 2022. Guerilla Stock Trading has also detected dark pool trading in $IHI on September 23, 2022.
The dark pool order looks like a buy order because of how $IHI stock rose immediately after the print became public. We can guess that a narrative is an institutional investor buying off of what could be a double bottom pattern in the daily time frame.
There isn’t any news specific to $IHI that could be a catalyst for the dark pool buy order. The major macroeconomic news last week that is affecting all broad based ETF index funds like $IHI was Powell and the Federal Reserve.
Powell sees period of below-trend growth
On September 21, 2022, Powell said he “doesn’t know what the odds are,” that the U.S. economy will enter a recession. Powell added “we’re never going to say there are too many people working,” and while he “wishes there were a painless way,” to lower inflation, “there isn’t,” and the central bank “needs to complete this task.”
Fed Chair Powell acknowledged that the “dot plot” of projections implies 125 basis points of remaining rate hikes this year, but noted that there was a “fairly large group” within the FOMC that saw 100 basis points in hikes coming by year-end, adding that a decision on the next rate hike has not been made yet as those decisions are made on a meeting-by-meeting basis. Powell continues taking questions in a post-FOMC press conference.
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📉 $IHI iShares U.S. Medical Devices ETF Chart Technical Analysis
$IHI stock is in a technical strong downtrend. Long-term indicators support a continuation of the downtrend. $IHI stock is oversold, so a bounce or trend reversal is possible. $IHI stock is doing a double bottom test of the June 2022 lows. It is better to stay out of the market to see if support at the June 2022 low holds.