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 [< 1 min read]
Highlights
IFN.AX dominated by bulls lifting the market higher throughout the day
IFN.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

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 chart for IFN.AX
Volatility

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.

Price Action

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.

Trend

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.

Order Flow

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.

Conclusion

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

Market Conditions for Infigen Energy Stapled Securities FP
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Doji TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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