MIN.AX dominated by bulls lifting the market higher throughout the day
Mineral Resources (MIN.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, MIN.AX finished the week 4.69% higher at 15.19 after gaining A$0.29 (1.95%) today on low volume. Today's closing price of 15.19 marks the highest close since August 30th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 14.93, Mineral Resources confirms its breakout through the previous session's high having traded A$0.35 above it intraday.
Daily Candlestick Chart (MIN.AX as at Sep 14, 2018):
Friday's trading range was A$0.42 (2.82%), that's below last trading month's daily average range of A$0.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Breaking through the key resistance level at 15.10 today, it is now likely to act as support going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The share managed to break above the 20-day moving average at 15.07 today for the first time since August 27th.
As prices are trading close to September's high at 15.39, upside momentum might speed up should the market mark new highs for the month.