IFX.DE breaks key support level
Infineon Technologies AG (IFX.DE) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IFX.DE finished the week -1.26% lower at 21.92 after tanking €0.63 (-2.79%) today on high volume. This is the biggest single day loss in over a week. Today's closing price of 21.92 marks the lowest close since July 12th. Closing below Thursday's low at 22.38, the stock confirms its breakout through the prior session's low having traded €0.73 below it intraday.
Daily Candlestick Chart (IFX.DE as at Aug 10, 2018):
Friday's trading range was €0.73 (3.27%), that's above last trading month's daily average range of €0.54. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Breaking below the key support level at 22.16 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. The share broke below the 20-day moving average at 22.53 today for the first time since August 1st.