IFF finds buyers at key support level
Internationa Flavors & Fragrances Inc. (IFF) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IFF finished Monday at 140.46 surging $2.78 (2.02%). This is the biggest single day gain in over three weeks. Today's closing price of 140.46 marks the highest close since March 13th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 138.21, the stock confirms its breakout through the prior session's high having traded $2.32 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IFF as at Apr 16, 2018):
Monday's trading range was $2.79 (2.01%), that's slightly above last trading month's daily average range of $2.46. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 137.74 during the day, the market bounced off the key support level at 137.89. The failure to close below the support could increase that levels importance as support going forward.
While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. IFF managed to break above the 50-day moving average at 138.82 today for the first time since August 9, 2017.
Further buying could move prices higher should the market test March's nearby high at 142.73.