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 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


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):

Daily technical analysis candlestick chart for Independence Group (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.

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