MMC closes above its opening price after recovering from early selling pressure
Marsh & McLennan Companies Inc. (MMC) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MMC ended the week 1.21% higher at 86.77 after surging $0.87 (1.01%) today. This is the biggest single day gain in over two months. Today's closing price of 86.77 marks the highest close since July 25th. Trading up to $0.41 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 86.05, Marsh & confirms its breakout through the previous session's high having traded $0.79 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MMC as at Sep 14, 2018):
Friday's trading range was $1.15 (1.34%), that's far above last trading month's daily average range of $0.74. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 86.60 today, it is now likely to act as support going forward. The market was bought again around 85.69 after having seen lows at 85.68, 85.68 and 85.63 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 87.89, upside momentum could speed up should the stock be able to break out to new highs for the year.