MMS.AX breaks below previous session low
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.
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.
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
|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|
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