MRO.L closes higher for the 4th day in a row


Melrose Industries (MRO.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
MRO.L finds buyers around 237.50 for the third day in a row
MRO.L closes higher for the 4th day in a row
MRO.L rises to highest close since May 25th
MRO.L still stuck within tight trading range
MRO.L closes within previous day's range
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

Moving higher for the 4th day in a row, MRO.L finished Thursday at 240.50 gaining £0.90 (0.38%). Today's closing price of 240.50 marks the highest close since May 25th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for MRO.L
Volatility

Thursday's trading range was £4.00 (1.68%), that's slightly below last trading month's daily average range of £4.01. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 235.80 and 241.50 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 238.50. The stock found buyers again today around 237.50 for the third trading day in a row after having found demand at 237.50 in the prior session and at 237.10 two days ago.

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 nearby swing high at 244.60 where further buy stops could get activated.

Conclusion

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

Market Conditions for Melrose Industries
Condition Forecast Direction Win Avg Worst Best Events
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Gap Up TQ Pro Members Only
Bearish Bounce off SMA 200 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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