MRO.L fails to close above 200-day moving average
Melrose Industries (MRO.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MRO.L as at Jul 13, 2018):
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.
After spiking up to 221.20 during the day, the share found resistance at the 200-day moving average at 220.78.
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.