IEL.AX rises to highest close since July 30th
Ardent Leisure Group Ordinary/Units FP Stapled Sec (IEL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
IEL.AX ended the week 1.64% higher at 9.94 after gaining A$0.08 (0.81%) today on low volume. Today's closing price of 9.94 marks the highest close since July 30th. Trading A$0.12 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Daily Candlestick Chart (IEL.AX as at Aug 10, 2018):
Friday's trading range was A$0.27 (2.68%), that's slightly above last trading month's daily average range of A$0.24. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 10.00.
Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.