IVC.AX closes above its opening price after recovering from early selling pressure

Invocare Limited (IVC.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team


IVC.AX breaks back above 20-day moving average
IVC.AX closes above its opening price after recovering from early selling pressure
IVC.AX fails to close above 50-day moving average
IVC.AX closes higher for the 2nd day in a row
IVC.AX pushes through Thursday's high


Moving higher for the 2nd day in a row, IVC.AX ended the week 2.11% higher at 12.10 after gaining $0.08 (0.67%) today, outperforming the ASX 200 (-0.11%). Trading up to $0.18 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 12.09, Invocare Limited confirmed its breakout through the prior session high after trading up to $0.10 above it intraday.

Daily Candlestick Chart (IVC.AX as at Nov 09, 2018):

Daily technical analysis candlestick chart for Invocare Limited (IVC.AX) as at Nov 09, 2018

Friday's trading range has been $0.34 (2.83%), that's slightly above the last trading month's daily average range of $0.30. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IVC.AX.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on October 18th, IVC.AX gained 1.48% on the following trading day.

The market managed to close back above the 20-day moving average at 12.07 for the first time since November 1st. After spiking up to 12.19 during the day, the stock found resistance at the 50-day moving average at 12.14.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Invocare Limited. Out of 195 times, IVC.AX closed higher 48.72% 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 56.41% with an average market move of 0.80%.

Market Conditions for IVC.AX as at Nov 09, 2018

Loading Market Conditions for IVC.AX (Invocare Limited)...
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IVC.AX breaks below Friday's low

Mar 18, 2019
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