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MET closes above its opening price after recovering from early selling pressure


Technical Analysis Report for MET - Apr 16, 2018 [1 min read]
Highlights
MET closes above its opening price after recovering from early selling pressure
MET runs into sellers again around 47.54
MET rises to highest close since March 9th
MET stuck within tight trading range
MET closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

MET finished Monday at 47.39 gaining $0.47 (1.0%) on low volume. Today's closing price of 47.39 marks the highest close since March 9th. Trading up to $0.31 lower after the open, the stock 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 chart for MET
Volatility

Monday's trading range was $0.52 (1.1%), that's far below last trading month's daily average range of $0.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 46.43 and 47.54 which it has been in now for the last three days.

Price Action

After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 47.67. After having been unable to move above 47.49 in the prior session, MetLife Inc. ran into sellers again around the same price level today, failing to move higher than 47.54.

Trend

Although the share 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.

Order Flow

Trading close to February's high at 48.27 we might see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
High close to previous High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MET ends the day indecisive

Apr 25, 2018
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