IQ closes within previous day's range after lackluster session
iQIYI Inc. (IQ) Technical Analysis Report for Jan 13, 2020 | by Techniquant Editorial Team
IQ ended Monday at 23.98 gaining $0.08 (0.33%), slightly underperforming the S&P 500 (0.7%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IQ as at Jan 13, 2020):
Monday's trading range has been $0.45 (1.86%), that's below the last trading month's daily average range of $0.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IQ.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 23.42 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 23.47 where further sell stops might get triggered.