IAG breaks key support level
Iamgold Corporation (IAG) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IAG finished the week -4.72% lower at 3.63 after losing $0.07 (-1.89%) today. Today's closing price of 3.63 marks the lowest close since May 4, 2017. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (IAG as at Sep 14, 2018):
Friday's trading range was $0.13 (3.5%), that's below last trading month's daily average range of $0.17. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
Breaking below the key support level at 3.70 today, it is now likely to act as resistance going forward. After having been unable to move lower than 3.63 in the prior session, the market found buyers again around the same price level today at 3.62.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 3.57 where further sell stops could get triggered. 2,017's low at 3.36 is within reach and we might see further downside momentum should the stock break out beyond.