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


Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
MMS.AX dominated by bears dragging the market lower throughout the day
MMS.AX ends the day on a bearish note closing near the low of the day
MMS.AX falls to lowest close since October 24, 2017
MMS.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

MMS.AX ended the week -7.1% lower at 15.30 after losing A$0.12 (-0.78%) today on low volume. Today's closing price of 15.30 marks the lowest close since October 24, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. 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

Friday's trading range was A$0.32 (2.05%), that's slightly above last trading month's daily average range of A$0.28. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.

Trend

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

Conclusion

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

Market Conditions for Mcmillan Shakespeare
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Piercing Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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