MYO.AX closes within prior day's range
Myob Group Limited (MYO.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
MYO.AX ended Thursday at 2.80 gaining A$0.02 (0.72%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MYO.AX as at Jun 14, 2018):
Thursday's trading range was A$0.05 (1.79%), that's slightly below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 2.75 and 2.85 which it has been in now for the last trading week.
After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.
After having been unable to move above 2.82 in the previous session, Myob Group ran into sellers again around the same price level today, failing to move higher than 2.83.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 2.85 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 2.76 where further sell stops could get activated. As prices are trading close to June's high at 2.90, upside momentum might speed up should the share mark new highs for the month.