MTD breaks below prior session low
Mettler-Toledo International Inc. (MTD) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, MTD finished the week -2.47% lower at 572.20 after losing $3.40 (-0.59%) today on low volume. Today's closing price of 572.20 marks the lowest close since July 2nd. Trading $3.92 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 574.50, the market confirms its breakout through the previous session's low having traded $3.88 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MTD as at Aug 10, 2018):
Friday's trading range was $5.58 (0.98%), that's far below last trading month's daily average range of $10.62. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 573.80, the share closed below it after spiking as high as 576.20 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Trading close to June's low at 554.83 we could see further downside momentum if potential sell stops at the level get triggered.