MAC closes below its opening price unable to hold early session gains


Technical Analysis Report for MAC - May 17, 2018 [1 min read]
Highlights
MAC closes below its opening price unable to hold early session gains
MAC unable to break through key resistance level
MAC closes higher for the 2nd day in a row
MAC finds buyers again around 54.36
MAC closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MAC finished Thursday at 54.59 gaining $0.13 (0.24%). Trading $0.42 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 previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MAC
Volatility

Thursday's trading range was $0.67 (1.23%), that's below last trading month's daily average range of $1.34. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 54.67, Macerich closed below it after spiking as high as 55.03 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 54.23 in the previous session, the stock found buyers again around the same price level today at 54.36.

Trend

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

Order Flow

Selling might accelerate should prices move below the close-by swing low at 53.65 where further sell stops could get activated. 2,017's low at 52.12 is within reach and we might see further downside momentum should the market break out past.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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