MDP closes within prior day's range after lackluster session
Meredith Corporation (MDP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
MDP finished the week 0.15% higher at 32.46 after losing $0.12 (-0.37%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (MDP as at Feb 14, 2020):
Friday's trading range has been $0.77 (2.34%), that's below the last trading month's daily average range of $1.40. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MDP. Prices continued to consolidate within a tight trading range between 31.20 and 33.01 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical resistance level at 33.43 (R1).
While Meredith is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the nearby swing low at 31.20 where further sell stops might get activated.