MTD unable to break through key resistance level


Mettler Toledo (MTD) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
MTD closes below its opening price unable to hold early session gains
MTD unable to break through key resistance level
MTD breaks below previous session low
MTD ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

MTD finished the week -0.11% lower at 583.13 after losing $3.90 (-0.66%) today. Trading $1.81 higher after the open, Mettler Toledo was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 585.43, the market confirms its breakout through the previous session's low having traded $4.15 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MTD
Volatility

Friday's trading range was $4.44 (0.76%), that's far below last trading month's daily average range of $9.69. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 584.56, the stock closed below it after spiking as high as 585.72 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the nearby swing high at 592.11 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 579.87 where further sell stops might get triggered. Further buying could move prices higher should the market test June's nearby high at 596.28.

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 Mettler Toledo
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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