IPG closes higher for the 2nd day in a row
Interpublic Group of Companies Inc. (IPG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IPG finished the month 0.29% higher at 17.16 after gaining $0.19 (1.12%) today, slightly underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IPG as at Jun 30, 2020):
Tuesday's trading range has been $0.67 (3.96%), that's slightly below the last trading month's daily average range of $0.78. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IPG.
Prices are trading close to the key technical support level at 16.65 (S1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Interpublic Group. Out of 312 times, IPG closed higher 53.53% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.77% with an average market move of 0.58%.