IPL.AX slips to lowest close since July 6th


Incitec Pivot (IPL.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
IPL.AX runs into sellers around 3.79 for the third day in a row
IPL.AX closes lower for the 2nd day in a row
IPL.AX breaks below previous session low
IPL.AX falls to lowest close since July 6th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for IPL.AX
Volatility

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.

Support/Resistance

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.

Trend

Incitec Pivot shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Trading close to May's high at 3.84 we could see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Incitec Pivot
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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