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 | by Techniquant Editorial Team
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 Candlestick Chart (MPL.AX as at Jul 13, 2018):
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.
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.
Prices are trading close to the key resistance level at 3.10.
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.
Buying could speed up should prices move above the nearby swing high at 3.11 where further buy stops might get activated.