IAG.AX pushes through previous session high
Insurance Australia Group Ltd (IAG.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, IAG.AX ended the week -1.33% lower at 8.17 after gaining A$0.06 (0.74%) today. Closing above Thursday's high at 8.13, the stock confirms its breakout through the previous session's high having traded A$0.07 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.07 (0.86%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
While Insurance Australia is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Further selling could move prices lower should the market test June's close-by low at 7.94.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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