MGR.AX pushes through 100-day moving average
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.
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.
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.
After trading as low as 2.20 during the day, the share found support at the 50-day moving average at 2.20.
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.
Selling might speed up should prices move below the close-by swing low at 2.19 where further sell stops could get activated.
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.
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|Bullish Bounce off SMA 50||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
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