MMS.AX ends the day on a bearish note closing near the low of the day


Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MMS.AX breaks below 200-day moving average
MMS.AX closes below its opening price unable to hold early session gains
MMS.AX fails to close above 50-day moving average
MMS.AX closes lower for the 2nd day in a row
MMS.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, MMS.AX finished Thursday at 16.49 losing A$0.29 (-1.73%). Trading A$0.18 higher after the open, Mcmillan Shakespeare was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 16.74, the share confirms its breakout through the prior session's low having traded A$0.31 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MMS.AX
Volatility

Thursday's trading range was A$0.39 (2.34%), that's slightly below last trading month's daily average range of A$0.42. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 16.38. After spiking up to 16.82 during the day, the stock found resistance at the 50-day moving average at 16.79.

Trend

Though the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. MMS.AX broke below the 200-day moving average at 16.56 today for the first time since June 7th.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 16.32 where further sell stops might get triggered. With prices trading close to this year's low at 15.63, downside momentum could speed up should Mcmillan Shakespeare break out to new lows for the year. Further selling might move prices lower should the market test May's close-by low at 15.90.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Mcmillan Shakespeare
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish Bounce off SMA 50 TQ Pro Members Only
Black Candle TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Resistance R2 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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