IFL.AX ends the day on a bullish note closing near the high of the day
IOOF Holdings Limited (IFL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
IFL.AX ended Thursday at 9.00 gaining A$0.08 (0.9%) on low volume. Today's closing price of 9.00 marks the highest close since May 29th. Closing above Wednesday's high at 8.94, IOOF Holdings confirms its breakout through the prior session's high having traded A$0.09 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 (IFL.AX as at Jun 14, 2018):
Thursday's trading range was A$0.18 (2.03%), that's slightly below last trading month's daily average range of A$0.18. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After having been unable to move lower than 8.85 in the previous session, the share found buyers again around the same price level today at 8.85. After spiking up to 9.03 during the day, the stock found resistance at the 20-day moving average at 9.01.
Although the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
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