IOF.AX climbs to highest close since October 21, 2008
Moving higher for the 3rd day in a row, IOF.AX finished Thursday at 5.15 gaining A$0.01 (0.19%) on high volume. Today's closing price of 5.15 marks the highest close since October 21, 2008. Closing within the prior day's range, prices failed to decisively move beyond 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.
Thursday's trading range was A$0.02 (0.39%), that's far below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Unable to break through the key technical resistance level at 5.17, the share closed below it after spiking as high as 5.17 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 5.18 where further buy stops could get triggered.
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 Investa Office Fund Stapled Securities
|Close to R1 Resistance||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Doji||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bearish Hikkake Pattern||TQ Pro Members Only|
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