Traders officially love to buy MXIM around 57.48 level
MXIM ended Thursday at 58.01 losing $0.48 (-0.82%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Thursday's trading range was $1.31 (2.24%), that's slightly above last trading month's daily average range of $1.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 57.43 and 58.79 which it has been in now for the last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
Prices are trading close to a key support level at 57.28. Unable to break through the key technical resistance level at 58.67, Maxim Integrated closed below it after spiking as high as 58.79 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. The share was bought again around 57.48 after having seen lows at 57.51, 57.53 and 57.64 in the last three trading sessions. Obviously there is something going on at that level.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock broke below the 100-day moving average at 58.09 today for the first time since May 15th.
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 Maxim Integrated Products Inc.
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
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