MFG.AX falls to lowest close since April 16th
Magellan Fin Group Limited (MFG.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MFG.AX as at Jun 14, 2018):
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.
Prices are trading close to a key support level at 22.34.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.