MFG.AX closes higher for the 2nd day in a row


Magellan Fin Group Limited (MFG.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
MFG.AX closes above its opening price after recovering from early selling pressure
MFG.AX finds buyers at key support level
MFG.AX closes higher for the 2nd day in a row
MFG.AX pushes through previous session high
MFG.AX rises to highest close since May 10th
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MFG.AX ended the week 5.93% higher at 24.48 after gaining A$0.24 (0.99%) today. Today's closing price of 24.48 marks the highest close since May 10th. Trading up to A$0.18 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 24.38, the market confirms its breakout through the prior session's high having traded A$0.19 above it intraday.

Daily chart for MFG.AX
Volatility

Friday's trading range was A$0.43 (1.77%), that's slightly below last trading month's daily average range of A$0.49. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Support/Resistance

After trading as low as 24.14 during the day, Magellan Fin bounced off the key support level at 24.30. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 24.74.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Trading close to May's high at 24.74 we could see further upside momentum if potential buy stops at the level get triggered.

Conclusion

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

Market Conditions for Magellan Fin Group Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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