MGR.AX breaks below prior session low


Mirvac Ltd (MGR.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
MGR.AX breaks below 50-day moving average
MGR.AX breaks below previous session low
MGR.AX falls to lowest close since March 6th
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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 chart for MGR.AX
Volatility

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.

Price Action

In spite of a strong opening Mirvac Ltd closed below the previous day's open and close, forming a bearish Engulfing Candle.

Trend

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.

Order Flow

Further selling could move prices lower should the market test March's nearby low at 2.09.

Conclusion

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

Market Conditions for Mirvac Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
3 Consecutive Higher Closes TQ Pro Members Only
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