MRW.L finds buyers at key support level


Morrisons (MRW.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
MRW.L finds buyers at key support level
MRW.L closes within previous day's range after lackluster session
MRW.L ends the day indecisive
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

MRW.L ended the week 1.34% higher at 264.30 after losing £0.50 (-0.19%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MRW.L
Volatility

Friday's trading range was £2.50 (0.94%), that's below last trading month's daily average range of £3.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 262.40 during the day, the stock bounced off the key support level at 263.30. The failure to close below the support could increase that levels importance as support going forward.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 266.10 where further buy stops could get activated.

Conclusion

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

Market Conditions for Morrisons
Condition Forecast Direction Win Avg Worst Best Events
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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