IRE.AX finds buyers at key support level
Iress Limited (IRE.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
IRE.AX finished Thursday at 12.02 surging A$0.89 (8.0%) on high volume. This is the biggest single day gain in over a year. Today's closing price of 12.02 marks the highest close since January 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 11.29, Iress Limited confirms its breakout through the prior session's high having traded A$0.87 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IRE.AX as at Jun 14, 2018):
Thursday's trading range was A$1.00 (8.96%), that's far above last trading month's daily average range of A$0.26. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
After trading as low as 11.16 during the day, the market bounced off the key support level at 11.16. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.