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

Medibank Private Limited (MPL.AX) Technical Analysis Report for Jul 13, 2018

Highlights

MPL.AX closes above its opening price after recovering from early selling pressure
MPL.AX ends the day on a bullish note closing near the high of the day
MPL.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

MPL.AX ended the week 1.32% higher at 3.06 after gaining A$0.01 (0.33%) today. Trading up to A$0.01 lower after the open, Medibank Private 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 beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for MPL.AX

Volatility

Friday's trading range was A$0.02 (0.66%), that's far below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above 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 the key resistance level at 3.10.

Trend

While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the nearby swing high at 3.11 where further buy stops might get activated.

Conclusion

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

Market Conditions for Medibank Private Limited

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Latest Report:

MPL.AX stuck within tight trading range

Sep 25, 2018
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