MCRO.L closes within prior day's range after lackluster session


Micro Focus (MCRO.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team

Highlights

MCRO.L closes above its opening price after recovering from early selling pressure
MCRO.L unable to break through key resistance level
MCRO.L runs into sellers again around 1248.00
MCRO.L closes within previous day's range after lackluster session
MCRO.L ends the day indecisive

Overview

MCRO.L ended the week 1.22% higher at 1244.00 after edging lower £3.00 (-0.24%) today. Trading up to £13.00 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past 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 Candlestick Chart (MCRO.L as at Aug 10, 2018):

Daily technical analysis candlestick chart for Micro Focus (MCRO.L) as at Aug 10, 2018

Friday's trading range was £17.50 (1.41%), that's far below last trading month's daily average range of £36.50. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

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.

Unable to break through the key technical resistance level at 1246.00, the market closed below it after spiking as high as 1248.00 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 above 1253.00 in the previous session, Micro Focus ran into sellers again around the same price level today, failing to move higher than 1248.00.

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying might accelerate should prices move above the close-by swing high at 1253.00 where further buy stops could get triggered.


Market Conditions for MCRO.L as at Aug 10, 2018

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