MQG.AX closes higher for the 2nd day in a row


Macquarie Group Ltd (MQG.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
MQG.AX closes above its opening price after recovering from early selling pressure
MQG.AX finds buyers at key support level
MQG.AX finds support at 20-day moving average
MQG.AX closes higher for the 2nd day in a row
MQG.AX finds buyers again around 121.86
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MQG.AX ended the week 0.04% higher at 123.01 after gaining A$0.43 (0.35%) today. Trading up to A$1.14 lower after the open, Macquarie Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MQG.AX
Volatility

Friday's trading range was A$1.78 (1.45%), that's slightly below last trading month's daily average range of A$1.83. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 121.86 during the day, the market bounced off the key support level at 122.73. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 121.70 in the prior session, the stock found buyers again around the same price level today at 121.86. After trading as low as 121.86 during the day, the share found support at the 20-day moving average at 122.19.

Trend

While MQG.AX is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 124.48 where further buy stops could get triggered. With prices trading close to this year's high at 127.00, upside momentum might speed up should Macquarie Group be able to break out to new highs for the year. As prices are trading close to July's high at 125.00, upside momentum could accelerate should the market mark new highs for the month.

Conclusion

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

Market Conditions for Macquarie Group Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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