MDC.L dominated by bears dragging the market lower throughout the day


Mediclinic International plc (MDC.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
MDC.L breaks key support level
MDC.L dominated by bears dragging the market lower throughout the day
MDC.L breaks below 20-day moving average
MDC.L ends the day on a bearish note closing near the low of the day
MDC.L finds buyers again around 527.60
TQ Sentiment
Report Sentiment: 45% Bearish
Technical Forecast:
Overview

MDC.L finished the week -0.83% lower at 527.60 after losing £8.60 (-1.6%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MDC.L
Volatility

Friday's trading range was £11.80 (2.19%), that's below last trading month's daily average range of £15.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 523.60 and 540.80 which it has been in now for the last three days.

Price Action

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. Regardless of a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 532.60 today, it is now likely to act as resistance going forward. After having been unable to move lower than 526.80 in the previous session, the market found buyers again around the same price level today at 527.60.

Trend

Although Mediclinic is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The stock broke below the 20-day moving average at 534.04 today for the first time since July 10th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 540.80 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 523.60 where further sell stops could get activated. With prices trading close to this year's low at 510.60, downside momentum might accelerate should MDC.L break out to new lows for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Mediclinic International plc
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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