IPL.AX pushes through previous session high

Incitec Pivot (IPL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

IPL.AX dominated by bulls lifting the market higher throughout the day
IPL.AX closes higher for the 5th day in a row
IPL.AX ends the day on a bullish note closing near the high of the day
IPL.AX finds buyers again around 3.90
IPL.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 62% Bullish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, IPL.AX finished the week 6.17% higher at 3.96 after gaining A$0.04 (1.02%) today on low volume. Today's closing price of 3.96 marks the highest close since September 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 3.94, the stock confirms its breakout through the previous session's high having traded A$0.02 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for IPL.AX

Volatility

Friday's trading range was A$0.06 (1.54%), that's slightly below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to a key support level at 3.89. Prices are trading close to the key resistance level at 3.99. After having been unable to move lower than 3.90 in the prior session, the market found buyers again around the same price level today at 3.90.

Trend

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

Order Flow

With prices trading close to this year's high at 4.00, upside momentum could speed up should Incitec Pivot be able to break out to new highs for the year. As prices are trading close to September's high at 3.99, upside momentum might accelerate should the share mark new highs for the month.

Conclusion

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

Market Conditions for Incitec Pivot

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