MAA breaks below previous session low
Mid-America Apartments (MAA) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, MAA ended Thursday at 88.24 losing $0.66 (-0.74%). Today's closing price of 88.24 marks the lowest close since March 27th. Closing below Wednesday's low at 88.51, the stock confirms its breakout through the prior session's low having traded $0.57 below it intraday.
Daily Candlestick Chart (MAA as at May 17, 2018):
Thursday's trading range was $1.32 (1.48%), that's slightly below last trading month's daily average range of $1.50. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 88.73 today, it is now likely to act as resistance going forward. After having been unable to move above 89.43 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 89.26.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
With prices trading close to this year's low at 85.16, downside momentum could speed up should Mid-America Apartments break out to new lows for the year.