MIN.AX finds buyers again around 16.32
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.
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.
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
|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|
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