MMS.AX breaks below previous session low


Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
MMS.AX breaks key support level
MMS.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for MMS.AX
Volatility

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.

Support/Resistance

Breaking below the key support level at 15.98 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Mcmillan Shakespeare
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Death Cross TQ Pro Members Only
More market conditions identified for TQ Pro members...
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