MTD unable to break through key resistance level
Mettler Toledo (MTD) Technical Analysis Report for Jul 13, 2018
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.
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.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.