IFF closes above its opening price after recovering from early selling pressure
Internationa Flavors & Fragrances Inc. (IFF) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
IFF finished the month 2.85% higher at 125.95 after gaining $1.46 (1.17%) today on high volume, slightly outperforming the S&P 500 (0.77%). Trading up to $1.88 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IFF as at Jul 31, 2020):
Friday's trading range has been $3.63 (2.92%), that's above the last trading month's daily average range of $3.04. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IFF.
After trading as low as 122.41 during the day, the market found support at the 100-day moving average at 123.41. The last time this happened on July 8th, IFF actually lost -0.87% on the following trading day. Prices are trading close to the key technical resistance level at 127.41 (R1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Internationa Flavors. Out of 434 times, IFF closed higher 55.07% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.37% with an average market move of 0.69%.