MRW.L closes below its opening price unable to hold early session gains

Morrisons (MRW.L) Technical Analysis Report for Jul 13, 2018

Highlights

MRW.L closes below its opening price unable to hold early session gains
MRW.L pushes through previous session high
MRW.L rises to highest close since May 22nd

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:

Overview

MRW.L finished the week 0.91% higher at 256.30 after gaining £0.30 (0.12%) today. Today's closing price of 256.30 marks the highest close since May 22nd. Trading £0.80 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Thursday's high at 256.20, the share confirms its breakout through the previous session's high having traded £2.10 above it intraday.

Daily chart for MRW.L

Volatility

Friday's trading range was £2.10 (0.82%), that's far below last trading month's daily average range of £2.83. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Trend

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

Order Flow

Selling could speed up should prices move below the close-by swing low at 253.30 where further sell stops might get activated.

Conclusion

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

Market Conditions for Morrisons

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MRW.L pushes through prior session high

Sep 21, 2018
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