IPG unable to break through key resistance level
Interpublic Group of Companies Inc. (IPG) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IPG finished Monday at 23.88 surging $0.55 (2.36%) on high volume. This is the biggest single day gain in over three weeks. Today's closing price of 23.88 marks the highest close since March 9th. Trading up to $0.29 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 23.48, the stock confirms its breakout through the prior session's high having traded $0.58 above it intraday.
Daily Candlestick Chart (IPG as at Apr 16, 2018):
Monday's trading range was $0.84 (3.57%), that's far above last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 23.22 during the day, the market bounced off the key support level at 23.32. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 24.01, IPG closed below it after spiking as high as 24.06 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The share was bought again around 23.22 after having seen lows at 23.23, 23.17 and 23.23 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.