MFG.AX falls to lowest close since April 16th


Magellan Fin Group Limited (MFG.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MFG.AX closes below its opening price unable to hold early session gains
MFG.AX closes lower for the 2nd day in a row
MFG.AX ends the day on a bearish note closing near the low of the day
MFG.AX breaks below previous session low
MFG.AX falls to lowest close since April 16th
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, MFG.AX ended Thursday at 22.39 losing A$0.23 (-1.02%) on high volume. Today's closing price of 22.39 marks the lowest close since April 16th. Trading A$0.17 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 22.48, the share confirms its breakout through the prior session's low having traded A$0.12 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MFG.AX
Volatility

Thursday's trading range was A$0.42 (1.86%), that's slightly above last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 22.34.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 22.34 where further sell stops could get triggered. With prices trading close to this year's low at 22.13, downside momentum might accelerate should Magellan Fin break out to new lows for the year.

Conclusion

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 Magellan Fin Group Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MFG.AX finds buyers again around 26.94

Aug 15, 2018
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