MRW.L closes higher for the 2nd day in a row


Morrisons (MRW.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MRW.L dominated by bulls lifting the market higher throughout the day
MRW.L closes higher for the 2nd day in a row
MRW.L pushes through previous session high
MRW.L still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MRW.L ended Thursday at 246.20 gaining £2.40 (0.98%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 246.00, the share confirms its breakout through the previous session's high having traded £1.50 above it intraday.

Daily chart for MRW.L
Volatility

Thursday's trading range was £5.70 (2.35%), that's far above last trading month's daily average range of £3.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 241.80 and 247.80 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Regardless of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 243.60.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 247.80 where further buy stops might get triggered. As prices are trading close to June's high at 248.20, upside momentum could speed up should Morrisons mark new highs for the month.

Conclusion

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

Market Conditions for Morrisons
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MRW.L finds buyers again around 246.20

Jun 21, 2018
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