MTD breaks below prior session low


Mettler Toledo (MTD) Technical Analysis Report for Aug 10, 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 closes lower for the 4th day in a row
MTD breaks below previous session low
MTD falls to lowest close since July 2nd
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for MTD
Volatility

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.

Support/Resistance

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.

Trend

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Trading close to June's low at 554.83 we could see further downside momentum if potential sell stops at the level get triggered.

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
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Morning Doji Star TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MTD pushes through key resistance level

Aug 16, 2018
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