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IPL.AX runs into sellers around 3.56 for the third day in a row


Technical Analysis Report for IPL.AX - May 17, 2018 [1 min read]
Highlights
IPL.AX runs into sellers around 3.56 for the third day in a row
IPL.AX finds buyers at key support level
IPL.AX ends the day on a bullish note closing near the high of the day
IPL.AX rises to highest close since May 10th
IPL.AX still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

IPL.AX finished Thursday at 3.56 gaining A$0.01 (0.28%) on low volume. Today's closing price of 3.56 marks the highest close since May 10th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. 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

Thursday's trading range was A$0.03 (0.84%), that's far below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 3.47 and 3.57 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 3.53 during the day, the market bounced off the key support level at 3.54. The failure to close below the support could increase that levels importance as support going forward. The share ran into sellers again today around 3.56 for the third trading day in a row after having found sellers at 3.57 in the prior session and at 3.57 two days ago.

Trend

The trend is clearly bearish, showing an intact downtrend 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 bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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