MRW.L closes higher for the 2nd day in a row
Morrisons (MRW.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MRW.L as at Jun 14, 2018):
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.
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.
Prices are trading close to a key support level at 243.60.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.