IPL.AX still stuck within tight trading range
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.
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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
|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|
More market conditions identified for TQ Pro members...
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