MRO.L closes higher for the 4th day in a row
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.
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.
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.
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 nearby swing high at 244.60 where further buy stops could get activated.
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
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
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