IGO.AX pushes through 50-day moving average


Independence Group (IGO.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
IGO.AX dominated by bulls lifting the market higher throughout the day
IGO.AX finds buyers at key support level
IGO.AX pushes through 50-day moving average
IGO.AX ends the day on a bullish note closing near the high of the day
IGO.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 83% Bullish
Technical Forecast:
Overview

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 chart for IGO.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for Independence Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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