IPH.AX closes lower for the 2nd day in a row
IPH Limited (IPH.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IPH.AX finished the week -1.24% lower at 5.59 after losing A$0.04 (-0.71%) today. Today's closing price of 5.59 marks the lowest close since September 4th. Closing below Thursday's low at 5.61, the stock confirms its breakout through the previous session's low having traded A$0.08 below it intraday.
Daily Candlestick Chart (IPH.AX as at Sep 14, 2018):
Friday's trading range was A$0.10 (1.78%), that's below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
After trading as low as 5.53 during the day, the market bounced off the key support level at 5.56. The failure to close below the support could increase that levels importance as support going forward.
Though IPH Limited is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.