IMAX unable to break through key resistance level

IMAX Corporation (IMAX) Technical Analysis Report for Sep 14, 2018

Highlights

IMAX closes below its opening price unable to hold early session gains
IMAX unable to break through key resistance level
IMAX closes higher for the 5th day in a row
IMAX rises to highest close since December 12, 2017
IMAX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, IMAX finished the week 4.79% higher at 25.15 after edging higher $0.05 (0.2%) today. Today's closing price of 25.15 marks the highest close since December 12, 2017. Trading $0.25 higher after the open, the share 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 past the previous 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 IMAX

Volatility

Friday's trading range was $0.45 (1.79%), that's below last trading month's daily average range of $0.62. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 25.25, the market closed below it after spiking as high as 25.45 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for IMAX Corporation

Condition Forecast Direction Win Rate Exit Day Events
High close to previous High TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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