MMS.AX pops to highest close since February 19th


Mcmillan Shakespeare (MMS.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team

Highlights

MMS.AX breaks above 20-day moving average for the first time since February 15th
MMS.AX rises to highest close since February 19th
MMS.AX dominated by bulls lifting the market higher throughout the day
MMS.AX closes higher for the 3rd day in a row
MMS.AX pushes through Thursday's high

Overview

Moving higher for the 3rd day in a row, MMS.AX finished the week 7.04% higher at 12.92 after gaining $0.25 (1.97%) today, significantly outperforming the ASX 200 (-0.07%). Today's close at 12.92 marks the highest recorded closing price since February 19th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 12.74, Mcmillan Shakespeare confirmed its breakout through the previous session high after trading up to $0.24 above it intraday.

Daily Candlestick Chart (MMS.AX as at Mar 15, 2019):

Daily technical analysis candlestick chart for Mcmillan Shakespeare (MMS.AX) as at Mar 15, 2019

Friday's trading range has been $0.30 (2.37%), that's below the last trading month's daily average range of $0.50. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MMS.AX.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.

The share managed to close above the 20-day moving average at 12.66 for the first time since February 15th. When this moving average was crossed above the last time on January 8th, MMS.AX gained 1.42% on the following trading day.

Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Mcmillan Shakespeare. Out of 132 times, MMS.AX closed higher 54.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.85% with an average market move of 1.28%.


Market Conditions for MMS.AX as at Mar 15, 2019

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