IRE.AX closes within previous day's range after lackluster session

Iress Limited (IRE.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team


IRE.AX closes below its opening price unable to hold early session gains
IRE.AX finds buyers at key support level
IRE.AX closes within previous day's range after lackluster session


IRE.AX finished the week 0.63% higher at 12.79 after losing $0.01 (-0.08%) today, slightly underperforming the ASX 200 (-0.07%). Trading $0.12 higher after the open, the share 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 beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (IRE.AX as at Mar 15, 2019):

Daily technical analysis candlestick chart for Iress Limited (IRE.AX) as at Mar 15, 2019

Friday's trading range has been $0.27 (2.1%), that's below the last trading month's daily average range of $0.36. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IRE.AX.

Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns. The last time a Bearish High-Wave Candle showed up on February 20th, IRE.AX actually gained 3.55% on the following trading day.

After trading down to 12.68 earlier during the day, the market bounced off the key technical support level at 12.75 (S1). The failure to close below the support might increase that levels significance as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 13.04 where further buy stops might get triggered. With prices trading close to this year's high at 13.34, upside momentum could speed up should the stock be able to break out to new highs for the year.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Iress Limited. Out of 461 times, IRE.AX closed higher 52.28% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 47.72% with an average market move of 0.31%.

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