MQG.AX closes above its opening price after recovering from early selling pressure
Macquarie Group Ltd (MQG.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MQG.AX ended Tuesday at 104.54 gaining A$0.33 (0.32%). Today's closing price of 104.54 marks the highest close since March 22nd. Trading up to A$0.79 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 past 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 Candlestick Chart (MQG.AX as at Apr 17, 2018):
Tuesday's trading range was A$1.14 (1.09%), that's slightly below last trading month's daily average range of A$1.29. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 104.61, the stock closed below it after spiking as high as 104.81 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 lower than 103.67 in the prior session, the market found buyers again around the same price level today at 103.67.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.