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IFF unable to break through key resistance level


Technical Analysis Report for IFF - May 17, 2018 [< 1 min read]
Highlights
IFF unable to break through key resistance level
IFF closes higher for the 2nd day in a row
IFF pushes through previous session high
IFF stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

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 chart for IFF
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the nearby swing low at 123.19 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
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
More market conditions identified for TQ Pro members...
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