MCO stuck within tight trading range
MCO ended Thursday at 171.54 edging lower $0.70 (-0.41%). 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.
Thursday's trading range was $2.09 (1.21%), that's below last trading month's daily average range of $3.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 169.85 and 173.07 which it has been in now for the last three days.
After moving higher in the previous session, Moody's Corp closed lower but above the prior day's open today, forming a bearish Harami Candle.
After trading as low as 170.57 during the day, the stock bounced off the key support level at 171.05. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 170.73 in the previous session, the market found buyers again around the same price level today at 170.57.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 173.07 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 169.85 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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|Bounced off Technical Support S1||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bearish Harami Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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