IAG.AX falls to lowest close since April 4th
Insurance Australia Group Ltd (IAG.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (IAG.AX as at Apr 17, 2018):
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.
Prices are trading close to a key support level at 7.46.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.