MPL.AX runs into sellers again around 2.90

Medibank Private Limited (MPL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

MPL.AX unable to break through key resistance level
MPL.AX runs into sellers again around 2.90
MPL.AX closes within previous day's range

TQ Sentiment

Report Sentiment: 40% Bearish
Technical Forecast:

Overview

MPL.AX finished the week -1.37% lower at 2.88 after gaining A$0.03 (1.05%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for MPL.AX

Volatility

Friday's trading range was A$0.05 (1.75%), that's slightly below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.

Price Action

Despite a weak opening Medibank Private managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 2.89, the stock closed below it after spiking as high as 2.90 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 2.90 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 2.90.

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 close-by swing low at 2.83 where further sell stops might get activated. With prices trading close to this year's low at 2.79, 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 slightly bearish.

Market Conditions for Medibank Private Limited

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Latest Report:

MPL.AX finds buyers again around 2.86

Sep 21, 2018
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