IPH.AX closes higher for the 2nd day in a row
IPH Limited (IPH.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IPH.AX ended the week 5.73% higher at 6.83 after gaining $0.07 (1.04%) today, strongly outperforming the ASX 200 (-0.07%). Today's close at 6.83 marks the highest recorded closing price since June 22, 2016. Trading up to $0.05 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IPH.AX as at Mar 15, 2019):
Friday's trading range has been $0.13 (1.92%), that's far below the last trading month's daily average range of $0.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IPH.AX.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Buyers managed to take out the key technical resistance level at 6.80 (now S1), which is likely to act as support going forward. The last time this happened on March 1st, IPH.AX gained 3.88% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for IPH Limited. Out of 30 times, IPH.AX closed higher 53.33% 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 46.67% with an average market move of 0.96%.