MQG.AX finds buyers again around 113.01


Macquarie Group Ltd (MQG.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
MQG.AX pushes through key resistance level
MQG.AX closes above its opening price after recovering from early selling pressure
MQG.AX ends the day on a bullish note closing near the high of the day
MQG.AX finds buyers again around 113.01
MQG.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

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 chart for MQG.AX
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Macquarie Group Ltd
Condition Forecast Direction Win Avg Worst Best Events
2 Consecutive Lower Closes TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
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