MGR.AX breaks below prior session low
Mirvac Ltd (MGR.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (MGR.AX as at Apr 17, 2018):
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.