IPL.AX closes within prior day's range
IPL.AX ended the week unchanged at 3.81 after losing A$0.02 (-0.52%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Friday's trading range was A$0.06 (1.56%), that's slightly below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 3.79 and 3.85 which it has been in now for the last trading week.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading as low as 3.79 during the day, the market bounced off the key support level at 3.80. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for Incitec Pivot
|Bullish Engulfing Candle||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro