MIN.AX finds buyers again around 16.32


Mineral Resources (MIN.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MIN.AX unable to break through key resistance level
MIN.AX finds buyers again around 16.32
MIN.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

MIN.AX finished Thursday at 16.74 gaining A$0.34 (2.07%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for MIN.AX
Volatility

Thursday's trading range was A$0.63 (3.84%), that's slightly above last trading month's daily average range of A$0.60. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 16.22. Unable to break through the key technical resistance level at 16.86, the share closed below it after spiking as high as 16.95 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 16.21 in the prior session, Mineral Resources found buyers again around the same price level today at 16.32.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 16.21 where further sell stops might get triggered. With prices trading close to this year's low at 16.02, downside momentum could speed up should the stock break out to new lows for the year.

Conclusion

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

Market Conditions for Mineral Resources
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
7 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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