IFF unable to break through key resistance level
Intl Flavors & Fragrances (IFF) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (IFF as at May 17, 2018):
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.