IRE.AX closes lower for the 3rd day in a row
Iress Limited (IRE.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, IRE.AX finished the week -0.62% lower at 12.83 after losing A$0.02 (-0.16%) today. Today's closing price of 12.83 marks the lowest close since August 22nd. Trading A$0.13 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (IRE.AX as at Sep 14, 2018):
Friday's trading range was A$0.16 (1.25%), that's slightly below last trading month's daily average range of A$0.28. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 12.72. After having been unable to move lower than 12.81 in the prior session, the share found buyers again around the same price level today at 12.81.
Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Selling could accelerate should prices move below the close-by swing low at 12.72 where further sell stops might get activated.