MGR.AX breaks below prior session low

Mirvac Ltd (MGR.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team


MGR.AX breaks below 50-day moving average
MGR.AX breaks below previous session low
MGR.AX falls to lowest close since March 6th


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):

Daily technical analysis candlestick chart for Mirvac Ltd (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.

Market Conditions for MGR.AX as at Apr 17, 2018

Loading Market Conditions for MGR.AX (Mirvac Ltd)...
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