MIK finds buyers at key support level


The Michaels Comp (MIK) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MIK crashes, loses $3.07 (-14.0%) within a single day
MIK breaks below 200-day moving average
MIK closes above its opening price after recovering from early selling pressure
MIK finds buyers at key support level
MIK unable to break through key resistance level
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

MIK ended Thursday at 18.86 tanking $3.07 (-14.0%) on high volume. This is the biggest single day loss since Inception. Today's closing price of 18.86 marks the lowest close since June 1st. Trading up to $0.61 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Wednesday's low at 21.50, The Michaels confirms its breakout through the prior session's low having traded $3.75 below it intraday.

Daily chart for MIK
Volatility

Thursday's trading range was $1.34 (7.3%), that's far above last trading month's daily average range of $0.59. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

Support/Resistance

After trading as low as 17.75 during the day, the stock bounced off the key support level at 18.28. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 19.06, the share closed below it after spiking as high as 19.09 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 19.09 during the day, MIK found resistance at the 50-day moving average at 19.04.

Trend

Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The Michaels broke below the 200-day moving average at 21.39 today for the first time since March 20th.

Conclusion

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

Market Conditions for The Michaels Comp
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
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