MQG.AX finds buyers again around 113.01
Macquarie Group Ltd (MQG.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
MQG.AX ended the week 1.01% higher at 114.55 after gaining A$0.86 (0.76%) today. Trading up to A$0.99 lower after the open, Macquarie Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 113.70, the market confirms its breakout through the previous session's high having traded A$0.94 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MQG.AX as at May 18, 2018):
Friday's trading range was A$1.63 (1.43%), that's slightly below last trading month's daily average range of A$1.65. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 112.77 and 115.00 which it has been in now for the last three days.
Breaking through the key resistance level at 114.40 today, it is now likely to act as support going forward. After having been unable to move lower than 112.77 in the prior session, the share found buyers again around the same price level today at 113.01.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 115.00 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 112.77 where further sell stops could get triggered.