IGO.AX closes within previous day's range after lackluster session
Moving lower for the 2nd day in a row, IGO.AX ended the week 1.64% higher at 4.34 after losing A$0.06 (-1.36%) today on low volume. Trading A$0.03 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below 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 weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.06 (1.37%), that's far below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 4.31. After having been unable to move above 4.42 in the previous session, Independence Group ran into sellers again around the same price level today, failing to move higher than 4.40.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 4.44 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 4.21 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Independence Group
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|On-Neck Pattern||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
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