IPH.AX finds buyers around 5.90 for the third day in a row


IPH Limited (IPH.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

IPH.AX rises to highest close since August 18, 2016
IPH.AX finds buyers around 5.90 for the third day in a row
IPH.AX pushes through Tuesday's high

Overview

IPH.AX ended Wednesday at 6.08 gaining $0.13 (2.18%), strongly outperforming the ASX 200 (-0.25%). Today's close at 6.08 marks the highest recorded closing price since August 18, 2016. Closing above Tuesday's high at 6.07, the market confirmed its breakout through the previous session high after trading up to $0.10 above it intraday.

Daily Candlestick Chart (IPH.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for IPH Limited (IPH.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.27 (4.52%), that's far above the last trading month's daily average range of $0.16. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IPH.AX.

The share found buyers again today around 5.90 for the third trading day in a row after having found demand at 5.88 in the prior session and at 5.88 two days ago. The last time this happened on January 15th, IPH.AX gained 2.00% on the following trading day.

Crossing above the upper Bollinger Band for the first time since Monday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 5.66 or signal the beginning of a strong momentum breakout leading to even higher prices.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for IPH Limited. Out of 35 times, IPH.AX closed lower 54.29% of the time on the next trading day after the market condition occurred.


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