IGO.AX pushes through 50-day moving average
Independence Group (IGO.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
IGO.AX finished Thursday at 5.10 gaining A$0.13 (2.62%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 5.07, the share confirms its breakout through the prior session's high having traded A$0.05 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IGO.AX as at Jun 14, 2018):
Thursday's trading range was A$0.12 (2.4%), that's slightly below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 5.00 during the day, the stock bounced off the key support level at 5.01. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5.16.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 50-day moving average at 5.02 today for the first time since June 1st.