MTD closes higher for the 2nd day in a row
Mettler Toledo (MTD) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MTD finished Thursday at 562.10 gaining $1.35 (0.24%). Closing above Wednesday's high at 561.72, Mettler Toledo confirms its breakout through the prior session's high having traded $1.88 above it intraday.
Daily Candlestick Chart (MTD as at May 17, 2018):
Thursday's trading range was $3.90 (0.7%), that's far below last trading month's daily average range of $11.12. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 564.53.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock managed to break above the 20-day moving average at 562.06 today for the first time since May 14th.
Buying could speed up should prices move above the nearby swing high at 571.02 where further buy stops might get triggered.