MRO.L finds support at 20-day moving average
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.
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.
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.
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.
Buying might speed up should prices move above the close-by swing high at 220.80 where further buy stops could get triggered.
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
|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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