MTS.AX finds buyers again around 2.70

Metcash Limited (MTS.AX) Technical Analysis Report for Sep 14, 2018

Highlights

MTS.AX finds buyers again around 2.70

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

MTS.AX finished the week 1.48% higher at 2.74 after gaining A$0.03 (1.11%) today.

Daily chart for MTS.AX

Volatility

Friday's trading range was A$0.07 (2.58%), that's slightly below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Regardless of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After having been unable to move lower than 2.69 in the prior session, Metcash Limited found buyers again around the same price level today at 2.70.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 2.80 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 2.68 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Metcash Limited

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