IAG breaks key support level

Iamgold Corporation (IAG) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team


IAG breaks key support level
IAG closes lower for the 2nd day in a row
IAG ends the day on a bearish note closing near the low of the day
IAG finds buyers again around 3.62
IAG falls to lowest close since May 4, 2017


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):

Daily technical analysis candlestick chart for Iamgold Corporation (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.

Market Conditions for IAG as at Sep 14, 2018

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