MPL.AX breaks below 200-day moving average


Medibank Private Limited (MPL.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
MPL.AX crashes, loses A$0.11 (-3.55%) within a single day
MPL.AX breaks key support level
MPL.AX dominated by bears dragging the market lower throughout the day
MPL.AX breaks below 200-day moving average
MPL.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

MPL.AX finished the week -1.32% lower at 2.99 after tanking A$0.11 (-3.55%) today. This is the biggest single day loss in over three months. Today's closing price of 2.99 marks the lowest close since May 1st. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for MPL.AX
Volatility

Friday's trading range was A$0.10 (3.25%), that's far above last trading month's daily average range of A$0.06. 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

After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Breaking below the key support level at 3.00 today, it is now likely to act as resistance going forward. After having been unable to move lower than 2.99 in the prior session, the stock found buyers again around the same price level today at 2.98.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Medibank Private broke below the 200-day moving average at 3.06 today for the first time since May 7th.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 2.98 where further sell stops might get triggered. As prices are trading close to May's low at 2.94, downside momentum could speed up should the share mark new lows for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Medibank Private Limited
Condition Forecast Direction Win Avg Worst Best Events
RSI(14) above 70 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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