IAG.AX falls to lowest close since April 4th


Insurance Australia Group Ltd (IAG.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
IAG.AX closes lower for the 4th day in a row
IAG.AX ends the day on a bearish note closing near the low of the day
IAG.AX breaks below previous session low
IAG.AX falls to lowest close since April 4th
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, IAG.AX ended Tuesday at 7.49 losing A$0.04 (-0.53%) on low volume. Today's closing price of 7.49 marks the lowest close since April 4th. Closing below Saturday's low at 7.51, the market confirms its breakout through the previous session's low having traded A$0.03 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for IAG.AX
Volatility

Tuesday's trading range was A$0.10 (1.32%), that's slightly below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 7.46.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 7.45 where further sell stops might get activated. As prices are trading close to April's low at 7.37, downside momentum could speed up should the share mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Insurance Australia Group Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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