IQ closes below its opening price unable to hold early session gains
iQIYI Inc. (IQ) Technical Analysis Report for Jul 10, 2019 | by Techniquant Editorial Team
IQ finished Wednesday at 19.91 losing $0.08 (-0.4%), underperforming the S&P 500 (0.45%). Trading $0.22 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 26th, IQ actually gained 10.18% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IQ as at Jul 10, 2019):
Wednesday's trading range has been $0.64 (3.18%), that's slightly below the last trading month's daily average range of $0.74. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for IQ.
Prices are trading close to the key technical support level at 19.40 (S1).
Although iQIYI is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.