IQ closes higher for the 2nd day in a row
iQIYI Inc. (IQ) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IQ finished the week 3.16% higher at 29.40 after edging higher $0.23 (0.79%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 Candlestick Chart (IQ as at Aug 10, 2018):
Friday's trading range was $0.93 (3.25%), that's far below last trading month's daily average range of $1.96. Things look different on a weekly scale, where volatility is exactly the same as the markets average with the monthly volatility being exactly the same as average. Prices continued to consolidate within a tight trading range between 28.47 and 30.77 which it has been in now for the last trading week.
Prices are trading close to the key resistance level at 30.01.
Buying could accelerate should prices move above the close-by swing high at 30.77 where further buy stops might get triggered.