IMAX finds buyers again around 19.27
Imax Corporation (IMAX) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
IMAX finished the week 0.88% higher at 19.48 after edging lower $0.02 (-0.1%) today on low volume, slightly underperforming the S&P 500 (-0.01%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IMAX as at Jan 11, 2019):
Friday's trading range has been $0.35 (1.81%), that's far below the last trading month's daily average range of $0.61. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IMAX.
Prices are trading close to the key technical support level at 19.08 (S1). After having been unable to move lower than 19.31 in the prior session, the stock found buyers again around the same price level today at 19.27. The last time this happened on January 3rd, IMAX gained 3.93% on the following trading day.
While Imax is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.