IPL.AX closes within prior day's range


Incitec Pivot (IPL.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
IPL.AX finds buyers at key support level
IPL.AX still stuck within tight trading range
IPL.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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.

Daily chart for IPL.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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...
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