MPL.AX rockets 3.33% closing A$0.10 higher


Medibank Private Limited (MPL.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
MPL.AX rallies 3.33% closing A$0.10 higher
MPL.AX pushes through key resistance level
MPL.AX dominated by bulls lifting the market higher throughout the day
MPL.AX pushes through 200-day moving average
MPL.AX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

MPL.AX finished Thursday at 3.10 surging A$0.10 (3.33%). This is the biggest single day gain in over two months. Today's closing price of 3.10 marks the highest close since March 13th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 3.03, the stock confirms its breakout through the prior session's high having traded A$0.07 above it intraday. 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

Thursday's trading range was A$0.11 (3.68%), that's far above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Regardless of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 3.05 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 3.11.

Trend

Though the share 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. Medibank Private managed to break above the 200-day moving average at 3.06 today for the first time since May 2nd.

Conclusion

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

Market Conditions for Medibank Private Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Break through SMA 200 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Strong Down Move TQ Pro Members Only
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