IFN.AX closes within previous day's range after lackluster session
Infigen Energy Stapled Securities FP (IFN.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
IFN.AX ended Thursday at 0.72 flat on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (IFN.AX as at Jun 14, 2018):
Thursday's trading range was A$0.01 (1.41%), that's below last trading month's daily average range of A$0.01. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Even with a weak opening Infigen Energy managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
With prices trading close to this year's high at 0.75, upside momentum might speed up should the stock be able to break out to new highs for the year. Further selling could move prices lower should the market test May's close-by low at 0.69.