INFO runs into sellers around 49.00 for the third day in a row
IHS Markit Ltd. (INFO) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
INFO finished Monday at 48.79 gaining $0.27 (0.56%) on low volume. Today's closing price of 48.79 marks the highest close since March 20th. Trading $0.18 higher after the open, IHS Markit was unable to hold its gains as the bears took control ending the day below its opening price. 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 Candlestick Chart (INFO as at Apr 16, 2018):
Monday's trading range was $0.49 (1.0%), that's far below last trading month's daily average range of $1.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 48.91, the share closed below it after spiking as high as 49.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market ran into sellers again today around 49.00 for the third trading day in a row after having found sellers at 48.88 in the previous session and at 48.88 two days ago.
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 50.00, upside momentum could speed up should the stock be able to break out to new highs for the year.