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MCO stuck within tight trading range


Technical Analysis Report for MCO - May 17, 2018 [1 min read]
Highlights
MCO finds buyers at key support level
MCO finds buyers again around 170.57
MCO stuck within tight trading range
MCO closes within previous day's range after lackluster session
MCO ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for MCO
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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

Order Flow

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.

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 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
More market conditions identified for TQ Pro members...
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Latest Report:

MCO pushes through key resistance level

May 21, 2018
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