IPL.AX still stuck within tight trading range


Incitec Pivot (IPL.AX) Technical Analysis Report for May 18, 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
IPL.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

IPL.AX ended the week 1.14% higher at 3.55 after losing A$0.01 (-0.28%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. 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

Friday's trading range was A$0.07 (1.96%), that's slightly 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 3.48 and 3.58 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Notwithstanding a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 3.51 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.

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 bullish.

Market Conditions for Incitec Pivot
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Hanging Man TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Doji TQ Pro Members Only
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