IFN.AX crashes -2.86% closing A$0.02 lower


Infigen Energy Stapled Securities FP (IFN.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
IFN.AX tanks -2.86% closing A$0.02 lower
IFN.AX dominated by bears dragging the market lower throughout the day
IFN.AX breaks below 20-day moving average
IFN.AX ends the day on a bearish note closing near the low of the day
IFN.AX runs into sellers again around 0.70
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

IFN.AX ended the week -1.45% lower at 0.68 after tanking A$0.02 (-2.86%) today. This is the biggest single day loss in over three weeks. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for IFN.AX
Volatility

Friday's trading range was A$0.02 (2.86%), that's slightly above last trading month's daily average range of A$0.02. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

Regardless of a strong opening Infigen Energy closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After having been unable to move above 0.70 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 0.70.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock broke below the 20-day moving average at 0.68 today for the first time since July 4th.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 0.67 where further sell stops might get activated. As prices are trading close to July's low at 0.66, downside momentum could speed up should IFN.AX mark new lows for the month.

Conclusion

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

Market Conditions for Infigen Energy Stapled Securities FP
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Bounce off SMA 200 TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Tweezer Bottom TQ Pro Members Only
More market conditions identified for TQ Pro members...
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