International Flavors & Fragrances Inc. (IFF) was inspected earlier this month and I was not excited about the upside writing, "IFF is pointed lower in the short run. A test of the $126 level/area looks likely in the days ahead. Prices might hold around $126 and try to bounce, but failure to attract support at $126 could bring further declines to the $120-$116 area."
Looking back over the past two weeks we can see that IFF has declined to $123 and has only made a slight bounce so far. Let's look at the charts again to see how things look now.
(For more on IFF, see Jim Cramer's: These 4 Cold Stocks of Once-Hot Companies Could Reignite.)
In this daily bar chart of IFF, below, we can see that prices are still below the declining 50-day moving average line. The slope of the 200-day line has just begun to weaken and turn lower.
The daily On-Balance-Volume (OBV) line has been weak this month signaling that sellers of IFF have been more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator is well below the zero line in bearish territory.
If there is a crossover of the two moving averages in this indicator it will only be a cover shorts signal.
In this weekly bar chart of IFF, below, we only see more weakness when compared to earlier this month. Prices are below the 40-week moving average line and now the slope of the line is negative.
The weekly OBV line is pointed straight down and suggests aggressive selling. The weekly MACD oscillator is in a bearish configuration.
In this Point and Figure chart of IFF, below, we can see a downside price objective of $119.
Bottom line: IFF is still pointed down with a $119 price target. I do not see a quick turnaround for this stock right now.