MMS.AX snaps to lowest close since August 23rd
Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, MMS.AX ended the week -6.06% lower at 15.81 after losing $0.23 (-1.43%) today, notably underperforming the market (ASX 200, 0.2%). Today's close at 15.81 marks the lowest recorded closing price since August 23rd.
Daily Candlestick Chart (MMS.AX as at Oct 12, 2018):
Friday's trading range was $0.27 (1.73%), that's slightly below last trading month's daily average range of $0.33. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being below average.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to a key support level at 15.74.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 16.81.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our engine recognized today, the statistics for the Technical Indicators based condition "Close below the lower Bollinger Band" stands out. It's common interpretation of being bullish has so far been confirmed for Mcmillan Shakespeare in the past. Out of 127 times during the last ten years, MMS.AX closed higher 51.97% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.35% with an average market move of 2.50%.