IFX.DE closes within previous day's range after lackluster session
Infineon Technologies AG (IFX.DE) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IFX.DE ended Thursday at 24.36 gaining €0.16 (0.66%) on low volume. Today's closing price of 24.36 marks the highest close since January 23rd. Trading up to €0.12 lower after the open, Infineon managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IFX.DE as at May 17, 2018):
Thursday's trading range was €0.32 (1.32%), that's far below last trading month's daily average range of €0.53. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
After having been unable to move above 24.37 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 24.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 24.56 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 23.94 where further sell stops could get activated.