ILU.AX closes higher for the 2nd day in a row
Iluka Resources (ILU.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, ILU.AX ended the week 5.24% higher at 11.84 after gaining A$0.14 (1.2%) today. Today's closing price of 11.84 marks the highest close since June 7th. Closing above Thursday's high at 11.71, the market confirms its breakout through the previous session's high having traded A$0.28 above it intraday.
Friday's trading range was A$0.29 (2.47%), that's slightly below last trading month's daily average range of A$0.32. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 11.77 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 12.20, upside momentum might speed up should Iluka Resources be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.