IFL.AX climbs to highest close since May 21st
IOOF Holdings Limited (IFL.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, IFL.AX finished the week 1.41% higher at 9.32 after gaining A$0.09 (0.98%) today. Today's closing price of 9.32 marks the highest close since May 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Friday's trading range was A$0.10 (1.08%), that's far below last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 9.22. After having been unable to move above 9.33 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 9.35.
Though the stock 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.
Buying could speed up should prices move above the nearby swing high at 9.35 where further buy 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 slightly bullish.