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 | by Techniquant Editorial Team
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 Candlestick Chart (MND.AX as at Jun 14, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.