IPL.AX pushes through previous session high
Incitec Pivot (IPL.AX) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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