MTB closes above its opening price after recovering from early selling pressure
Moving lower for the 2nd day in a row, MTB finished Thursday at 184.25 losing $0.01 (-0.01%). Today's closing price of 184.25 marks the lowest close since May 9th. Trading up to $1.72 lower after the open, M&T Bank managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past 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.
Thursday's trading range was $2.42 (1.31%), that's far below last trading month's daily average range of $3.48. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 184.36, the stock closed below it after spiking as high as 184.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 182.38 during the day, the share found support at the 20-day moving average at 182.73.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could speed up should prices move above the close-by swing high at 186.33 where further buy stops might get triggered. Further buying could move prices higher should the market test April's nearby high at 188.80.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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