MGR.AX pushes through 100-day moving average


Mirvac Ltd (MGR.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
MGR.AX dominated by bulls lifting the market higher throughout the day
MGR.AX pushes through 100-day moving average
MGR.AX finds support at 50-day moving average
MGR.AX ends the day on a bullish note closing near the high of the day
MGR.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

MGR.AX ended the week -1.76% lower at 2.23 after gaining A$0.03 (1.36%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for MGR.AX
Volatility

Friday's trading range was A$0.03 (1.36%), that's below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

After trading as low as 2.20 during the day, the share found support at the 50-day moving average at 2.20.

Trend

Mirvac Ltd shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The market managed to break above the 100-day moving average at 2.20 today for the first time since April 30th.

Order Flow

Selling might speed up should prices move below the close-by swing low at 2.19 where further sell stops could get activated.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Mirvac Ltd
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
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