IQV runs into sellers again around 98.34
IQVIA Holdings Inc. (IQV) Technical Analysis Report for Apr 16, 2018
Moving higher for the 3rd day in a row, IQV finished Monday at 98.04 gaining $0.33 (0.34%). Today's closing price of 98.04 marks the highest close since March 29th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.92 (0.94%), that's far below last trading month's daily average range of $2.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
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.
After trading as low as 97.42 during the day, the stock bounced off the key support level at 97.82. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 98.50 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 98.34.
While IQVIA Holdings is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might speed up should prices move above the nearby swing high at 98.50 where further buy stops could get activated. As prices are trading close to April's high at 99.57, upside momentum might accelerate should the share mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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