MTB finds support at 200-day moving average
MTB ended Thursday at 174.71 gaining $0.31 (0.18%) on high volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $2.73 (1.56%), that's slightly below last trading month's daily average range of $3.02. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 176.04. After trading as low as 172.92 during the day, the stock found support at the 200-day moving average at 174.38.
Although the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might speed up should prices move below the nearby swing low at 172.83 where further sell stops could get activated. With prices trading close to this year's low at 170.00, downside momentum might accelerate should the share break out to new lows for the year. Further selling could move prices lower should the market test May's close-by low at 170.58.
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 M&T Bank Corp.
|Bullish Engulfing Candle||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Low close to previous two Lows||TQ Pro Members Only|
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