IVC.AX closes within prior day's range after lackluster session
Invocare Limited (IVC.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
IVC.AX ended the week -1.19% lower at 12.50 after gaining A$0.06 (0.48%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IVC.AX as at Sep 14, 2018):
Friday's trading range was A$0.16 (1.28%), that's far below last trading month's daily average range of A$0.28. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
After trading as low as 12.34 during the day, the share bounced off the key support level at 12.36. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 12.64 where further buy stops might get triggered. Further selling could move prices lower should the market test August's close-by low at 12.30.