IAG.AX pushes through previous session high
Insurance Australia Group Ltd (IAG.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (IAG.AX as at Jul 13, 2018):
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.