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
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
ConditionForecastDirectionWinAvgWorstBest
Bearish Break through SMA 50 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Magellan Fin Group Limited traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup

Stocks Top Movers

ETHUSD 516.2820.92 4.22%
BTCUSD 6,707.49240.41 3.72%
CRUDE 65.681.45 2.26%
EURUSD 1.16230.0014 0.12%
TBOND 143.7190.031 0.02%
FTSE 7,631.33-2.57 -0.03%
NDX 7,251.41-4.35 -0.06%
USDJPY 110.55-0.11 -0.10%
GOLD 1,280.6-1.4 -0.11%
SPX 2,773.87-5.55 -0.20%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV98.48 -1.09
-1.09%
ACN 10 day candlestick chart for ACN162.88 -0.60
-0.37%
ADBE 10 day candlestick chart for ADBE255.69 3.87
1.54%
AAP 10 day candlestick chart for AAP138.24 1.08
0.79%
AES 10 day candlestick chart for AES13.07 0.00
0.00%
AET 10 day candlestick chart for AET186.95 -2.55
-1.35%
AFL 10 day candlestick chart for AFL45.17 -0.58
-1.27%
AMG 10 day candlestick chart for AMG153.00 -2.81
-1.80%
A 10 day candlestick chart for A64.97 -1.16
-1.75%
ABT 10 day candlestick chart for ABT62.82 -0.09
-0.14%