IQ closes higher for the 2nd day in a row


iQIYI, Inc. (IQ) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
IQ dominated by bulls lifting the market higher throughout the day
IQ closes higher for the 2nd day in a row
IQ ends the day on a bullish note closing near the high of the day
IQ still stuck within tight trading range
IQ closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

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 chart for IQ
Volatility

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.

Support/Resistance

Prices are trading close to the key resistance level at 30.01.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 30.77 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 iQIYI, Inc.
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Black Candle TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
Close near low of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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