MPL.AX rockets 3.33% closing A$0.10 higher
Medibank Private Limited (MPL.AX) Technical Analysis Report for May 17, 2018
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.
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.
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.
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.
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.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being neutral.