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