IPL.AX pushes through 20-day moving average


Incitec Pivot (IPL.AX) Technical Analysis Report for Apr 17, 2018 [1 min read]
Highlights
IPL.AX pushes through 20-day moving average
IPL.AX unable to break through key resistance level
IPL.AX fails to close above 200-day moving average
IPL.AX closes higher for the 2nd day in a row
IPL.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, IPL.AX finished Tuesday at 3.62 gaining A$0.03 (0.84%) on low volume. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for IPL.AX
Volatility

Tuesday's trading range was A$0.07 (1.94%), 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 below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 3.57. Unable to break through the key technical resistance level at 3.65, the market closed below it after spiking as high as 3.65 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 3.65 during the day, the stock found resistance at the 200-day moving average at 3.62.

Trend

While Incitec Pivot is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 3.62 today for the first time since February 20th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 3.66 where further buy stops might get triggered.

Conclusion

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

Market Conditions for Incitec Pivot
ConditionForecastDirectionWinAvgWorstBestEvents
Closed above last periods high TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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