MCO finds buyers at key support level

Moody's Corp (MCO) Technical Analysis Report for Apr 16, 2018

Highlights

MCO runs into sellers around 165.31 for the third day in a row
MCO closes below its opening price unable to hold early session gains
MCO finds buyers at key support level
MCO pushes through 50-day moving average
MCO finds support at 50-day moving average

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

MCO ended Monday at 164.38 gaining $1.49 (0.91%) on low volume. Today's closing price of 164.38 marks the highest close since March 21st. Trading $0.77 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 prior day's range, prices failed to decisively move beyond the previous 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 MCO

Volatility

Monday's trading range was $2.26 (1.37%), that's far below last trading month's daily average range of $3.66. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 160.15 and 165.40 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 163.05 during the day, the market bounced off the key support level at 163.22. 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 166.34. The stock ran into sellers again today around 165.31 for the third trading day in a row after having found sellers at 165.40 in the previous session and at 165.28 two days ago. After trading as low as 163.05 during the day, Moody's Corp found support at the 50-day moving average at 163.56.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. MCO managed to break above the 50-day moving average at 163.56 today for the first time since April 12th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 165.40 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 161.83 where further sell stops might get activated. With prices trading close to this year's high at 171.68, upside momentum could accelerate should the share be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Moody's Corp

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Latest Report:

MCO finds buyers again around 176.68

Sep 18, 2018
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