IPL.AX slips to lowest close since July 6th
Incitec Pivot (IPL.AX) Technical Analysis Report for Jul 13, 2018
Moving lower for the 2nd day in a row, IPL.AX ended the week 1.63% higher at 3.73 after losing A$0.04 (-1.06%) today on high volume. Today's closing price of 3.73 marks the lowest close since July 6th. Closing below Thursday's low at 3.75, the share confirms its breakout through the previous session's low having traded A$0.04 below it intraday.
Friday's trading range was A$0.08 (2.12%), that's slightly above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
The market ran into sellers again today around 3.79 for the third trading day in a row after having found sellers at 3.80 in the prior session and at 3.80 two days ago.
Incitec Pivot shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to May's high at 3.84 we could see further upside momentum if potential buy stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.