MRO.L fails to close above 200-day moving average


Melrose Industries (MRO.L) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
MRO.L pushes through 20-day moving average
MRO.L fails to close above 200-day moving average
MRO.L closes higher for the 2nd day in a row
MRO.L pushes through previous session high
MRO.L rises to highest close since June 22nd
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MRO.L ended the week 5.53% higher at 219.60 after gaining £3.00 (1.39%) today on low volume. Today's closing price of 219.60 marks the highest close since June 22nd. Closing above Thursday's high at 218.30, the stock confirms its breakout through the prior session's high having traded £2.90 above it intraday.

Daily chart for MRO.L
Volatility

Friday's trading range was £5.00 (2.3%), that's slightly below last trading month's daily average range of £5.49. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After spiking up to 221.20 during the day, the share found resistance at the 200-day moving average at 220.78.

Trend

While Melrose Industries is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The market managed to break above the 20-day moving average at 216.12 today for the first time since June 12th.

Conclusion

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

Market Conditions for Melrose Industries
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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