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Traders officially love to buy MXIM around 57.48 level


Technical Analysis Report for MXIM - May 17, 2018 [1 min read]
Highlights
Traders officially love to buy MXIM around 57.48 level
MXIM breaks below 100-day moving average
MXIM unable to break through key resistance level
MXIM still stuck within tight trading range
MXIM closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for MXIM
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Low close to previous three Lows TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
More market conditions identified for TQ Pro members...
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