MMS.AX breaks below previous session low
Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
MMS.AX ended the week 1.27% higher at 15.95 after losing A$0.05 (-0.31%) today. Closing below Thursday's low at 15.96, the stock confirms its breakout through the prior session's low having traded A$0.20 below it intraday.
Daily Candlestick Chart (MMS.AX as at Jul 13, 2018):
Friday's trading range was A$0.38 (2.35%), that's above last trading month's daily average range of A$0.31. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
Breaking below the key support level at 15.98 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 16.29 where further buy stops might get triggered. As prices are trading close to July's high at 16.33, upside momentum could speed up should the market mark new highs for the month.