MRO.L finds support at 20-day moving average


Melrose Industries (MRO.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
MRO.L breaks key support level
MRO.L finds support at 20-day moving average
MRO.L closes lower for the 2nd day in a row
MRO.L breaks below previous session low
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, MRO.L finished the week 1.36% higher at 216.80 after losing £2.00 (-0.91%) today on low volume. Closing below Thursday's low at 218.10, the stock confirms its breakout through the previous session's low having traded £1.90 below it intraday.

Daily chart for MRO.L
Volatility

Friday's trading range was £1.90 (0.87%), that's far below last trading month's daily average range of £4.31. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 217.30 today, it is now likely to act as resistance going forward. After trading as low as 216.20 during the day, the market found support at the 20-day moving average at 216.56.

Trend

Although Melrose Industries is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might speed up should prices move above the close-by swing high at 220.80 where further buy stops could get triggered.

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
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
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