MCRO.L closes within prior day's range after lackluster session
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.
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.
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 Micro Focus
|Close to R1 Resistance||TQ Pro Members Only|
|Gap Up||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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