IEL.AX unable to break through key resistance level

Ardent Leisure Group Ordinary/Units FP Stapled Sec (IEL.AX) Technical Analysis Report for Jul 13, 2018

Highlights

IEL.AX unable to break through key resistance level
IEL.AX closes higher for the 2nd day in a row
IEL.AX finds buyers again around 9.94
IEL.AX rises to highest close since July 4th
IEL.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 22% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, IEL.AX finished the week 0.71% higher at 9.99 after gaining A$0.05 (0.5%) today. Today's closing price of 9.99 marks the highest close since July 4th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for IEL.AX

Volatility

Friday's trading range was A$0.11 (1.11%), that's far below last trading month's daily average range of A$0.24. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 10.00, the share closed below it after spiking as high as 10.05 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 9.91 in the previous session, the stock found buyers again around the same price level today at 9.94.

Trend

Though Ardent Leisure is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the nearby swing high at 10.22 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 9.85 where further sell stops might get activated.

Conclusion

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

Market Conditions for Ardent Leisure Group Ordinary/Units FP Stapled Sec

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