MXIM finds buyers at key support level
Maxim Integrated Products Inc. (MXIM) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, MXIM finished the week -1.46% lower at 57.91 after gaining $0.19 (0.33%) today. Trading $0.58 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.85 (1.47%), that's below last trading month's daily average range of $1.14. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
After trading as low as 57.67 during the day, the share bounced off the key support level at 57.83. The failure to close below the support might increase that levels importance as support going forward. The stock ran into sellers again today around 58.52 for the third trading day in a row after having found sellers at 58.52 in the previous session and at 58.36 two days ago.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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