MND.AX closes above its opening price after recovering from early selling pressure

Monadelphous Group (MND.AX) Technical Analysis Report for Jul 13, 2018

Highlights

MND.AX closes above its opening price after recovering from early selling pressure
MND.AX closes lower for the 4th day in a row
MND.AX finds buyers again around 14.00
MND.AX falls to lowest close since June 19th
MND.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment:
33% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving lower for the 4th day in a row, MND.AX finished the week -3.75% lower at 14.13 after losing A$0.04 (-0.28%) today on low volume. Today's closing price of 14.13 marks the lowest close since June 19th. Trading up to A$0.10 lower after the open, Monadelphous Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MND.AX

Volatility

Friday's trading range was A$0.20 (1.42%), that's far below last trading month's daily average range of A$0.35. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 13.98. After having been unable to move lower than 13.98 in the prior session, the share found buyers again around the same price level today at 14.00.

Trend

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

Order Flow

Selling could accelerate should prices move below the nearby swing low at 13.98 where further sell stops might get activated. With prices trading close to this year's low at 13.46, downside momentum could speed up should the market break out to new lows for the year.

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 Monadelphous Group

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