ILU.AX closes within prior day's range after lackluster session


Iluka Resources (ILU.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
ILU.AX finds buyers at key support level
ILU.AX pushes through 50-day moving average
ILU.AX fails to close above 20-day moving average
ILU.AX closes within previous day's range after lackluster session
ILU.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

ILU.AX ended Thursday at 11.42 edging higher A$0.04 (0.35%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ILU.AX
Volatility

Thursday's trading range was A$0.18 (1.58%), that's below last trading month's daily average range of A$0.26. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

Notwithstanding a weak opening Iluka Resources managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After trading as low as 11.36 during the day, the stock bounced off the key support level at 11.36. The failure to close below the support might increase that levels importance as support going forward. After spiking up to 11.54 during the day, the share found resistance at the 20-day moving average at 11.48.

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 11.42 today for the first time since June 5th.

Order Flow

Selling could speed up should prices move below the close-by swing low at 11.18 where further sell stops might get triggered. As prices are trading close to June's low at 11.04, downside momentum could accelerate should ILU.AX mark new lows for the month.

Conclusion

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 Iluka Resources
ConditionForecastDirectionWinAvgWorstBest
Southern Doji TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Hanging Man TQ Pro Members Only
Close to Swing High TQ Pro Members Only
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