IFF unable to break through key resistance level
Moving higher for the 2nd day in a row, IFF finished Thursday at 125.07 gaining $1.01 (0.81%). Closing above Wednesday's high at 125.00, the stock confirms its breakout through the previous session's high having traded $0.76 above it intraday.
Thursday's trading range was $1.84 (1.48%), that's below last trading month's daily average range of $3.20. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 123.19 and 125.96 which it has been in now for the last three days.
Unable to break through the key technical resistance level at 125.34, the market closed below it after spiking as high as 125.76 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 123.19 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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