MNDI.L closes higher for the 2nd day in a row
Mondi (MNDI.L) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MNDI.L finished the week 2.45% higher at 2133.00 after surging £46.00 (2.2%) today. This is the biggest single day gain in over two weeks. Today's closing price of 2133.00 marks the highest close since September 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2100.00, the share confirms its breakout through the prior session's high having traded £44.00 above it intraday.
Daily Candlestick Chart (MNDI.L as at Sep 14, 2018):
Friday's trading range was £51.00 (2.44%), that's above last trading month's daily average range of £43.55. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 2098.00 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 2142.00, Mondi closed below it after spiking as high as 2144.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 50-day moving average at 2108.69 today for the first time since August 16th.
As prices are trading close to September's high at 2187.00, upside momentum might speed up should MNDI.L mark new highs for the month.