MIN.AX ends the day on a bullish note closing near the high of the day
Mineral Resources (MIN.AX) Technical Analysis Report for Jul 13, 2018
MIN.AX ended the week 4.43% higher at 16.04 after surging A$0.77 (5.04%) today. This is the biggest single day gain in over a month. Today's closing price of 16.04 marks the highest close since June 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 15.40, the stock confirms its breakout through the prior session's high having traded A$0.78 above it intraday. 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$0.74 (4.77%), that's far above last trading month's daily average range of A$0.47. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to the key resistance level at 16.20.
Though the share 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 market managed to break above the 20-day moving average at 15.85 today for the first time since June 7th.
As prices are trading close to July's high at 16.20, upside momentum might accelerate should Mineral Resources mark new highs for the month.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.