MCRO.L closes within prior day's range after lackluster session
Micro Focus (MCRO.L) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, MCRO.L finished the week 2.14% higher at 1314.00 after gaining £3.00 (0.23%) today. Today's closing price of 1314.00 marks the highest close since September 4th. 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.
Friday's trading range was £21.50 (1.64%), that's below last trading month's daily average range of £29.55. 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 previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 1332.50. After having been unable to move lower than 1295.00 in the prior session, the share found buyers again around the same price level today at 1297.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 1331.50 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 1295.00 where further sell stops might get triggered. Further buying could move prices higher should the market test August's close-by high at 1349.00.
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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