MND.AX pushes through 100-day moving average

Monadelphous Group (MND.AX) Technical Analysis Report for Sep 14, 2018

Highlights

MND.AX pushes through key resistance level
MND.AX pushes through 100-day moving average
MND.AX unable to break through key resistance level
MND.AX finds support at 20-day moving average
MND.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 80% Bullish
Technical Forecast:

Overview

MND.AX finished the week 5.46% higher at 14.88 after gaining A$0.30 (2.06%) today. Closing above Thursday's high at 14.70, the share confirms its breakout through the prior session's high having traded A$0.28 above it intraday.

Daily chart for MND.AX

Volatility

Friday's trading range was A$0.43 (2.95%), that's slightly above last trading month's daily average range of A$0.34. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking through the key resistance level at 14.65 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 14.96, the stock closed below it after spiking as high as 14.98 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 14.55 during the day, Monadelphous Group found support at the 20-day moving average at 14.55.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market managed to break above the 100-day moving average at 14.85 today for the first time since September 12th.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.

Market Conditions for Monadelphous Group

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