MRW.L finds buyers at key support level
Morrisons (MRW.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MRW.L as at Aug 10, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 266.10 where further buy stops could get activated.