MND.AX finds buyers around 13.48 for the third day in a row


Monadelphous Group (MND.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
MND.AX finds buyers around 13.48 for the third day in a row
MND.AX unable to break through key resistance level
MND.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

MND.AX ended Thursday at 13.70 gaining A$0.13 (0.96%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for MND.AX
Volatility

Thursday's trading range was A$0.44 (3.26%), that's above last trading month's daily average range of A$0.36. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.

Support/Resistance

Unable to break through the key technical resistance level at 13.72, Monadelphous Group closed below it after spiking as high as 13.92 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. The share found buyers again today around 13.48 for the third trading day in a row after having found demand at 13.48 in the previous session and at 13.46 two days ago.

Trend

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

Order Flow

Selling might accelerate should prices move below the nearby swing low at 13.46 where further sell stops could get activated. As prices are trading close to June's high at 14.26, upside momentum might speed up should the market mark new highs for the month.

Conclusion

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

Market Conditions for Monadelphous Group
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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