IPG fails to close above 20-day moving average
Interpublic Group (IPG) Technical Analysis Report for Sep 14, 2018
IPG ended the week -0.18% lower at 22.71 after edging higher $0.02 (0.09%) today on low volume. Trading $0.10 higher after the open, the market 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.
Friday's trading range was $0.22 (0.97%), that's far below last trading month's daily average range of $0.34. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below 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.
Prices are trading close to a key support level at 22.61. Prices are trading close to the key resistance level at 22.89. After having been unable to move lower than 22.63 in the previous session, the stock found buyers again around the same price level today at 22.64. After spiking up to 22.86 during the day, the share found resistance at the 20-day moving average at 22.85.
Interpublic Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could accelerate should prices move above the nearby swing high at 22.88 where further buy stops might get triggered. As prices are trading close to September's high at 23.05, upside momentum could speed up should IPG mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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