MAT finds support at 100-day moving average
Moving higher for the 2nd day in a row, MAT ended the week -1.38% lower at 15.72 after gaining $0.11 (0.7%) today. Trading up to $0.27 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 15.71, the share confirms its breakout through the previous session's high having traded $0.10 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $0.56 (3.61%), that's slightly above last trading month's daily average range of $0.52. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
After trading as low as 15.25 during the day, the market bounced off the key support level at 15.50. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 16.02. After trading as low as 15.25 during the day, Mattel Inc. found support at the 100-day moving average at 15.35.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. MAT managed to break above the 200-day moving average at 15.64 today for the first time since July 31st.
Buying could speed up should prices move above the nearby swing high at 16.09 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 15.24 where further sell stops might get triggered.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.
Market Conditions for Mattel Inc.
|Bullish Engulfing Candle||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
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