MGR.AX breaks below prior session low
MGR.AX finished Tuesday at 2.14 losing A$0.02 (-0.93%). Today's closing price of 2.14 marks the lowest close since March 6th. Closing below Saturday's low at 2.15, the market confirms its breakout through the prior session's low having traded A$0.03 below it intraday.
Tuesday's trading range was A$0.04 (1.85%), that's slightly above last trading month's daily average range of A$0.04. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
In spite of a strong opening Mirvac Ltd closed below the previous day's open and close, forming a bearish Engulfing Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 50-day moving average at 2.14 today for the first time since April 4th.
Further selling could move prices lower should the market test March's nearby low at 2.09.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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|Bearish Break through SMA 50||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
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