IFL.AX slides to lowest close since April 27, 2017
IOOF Holdings Limited (IFL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
IFL.AX finished the week -2.35% lower at 8.73 after losing A$0.24 (-2.68%) today. Today's closing price of 8.73 marks the lowest close since April 27, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 8.88, IOOF Holdings confirms its breakout through the prior session's low having traded A$0.17 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (IFL.AX as at Aug 10, 2018):
Friday's trading range was A$0.27 (3.01%), that's slightly above last trading month's daily average range of A$0.26. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.
Prices are trading close to a key support level at 8.66. Breaking below the key support level at 8.84 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 8.64 where further sell stops could get activated. With prices trading close to this year's low at 8.61, downside momentum might accelerate should the share break out to new lows for the year.