MYO.AX closes within prior day's range


Myob Group Limited (MYO.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MYO.AX runs into sellers again around 2.83
MYO.AX still stuck within tight trading range
MYO.AX closes within previous day's range
MYO.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

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 chart for MYO.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

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

Market Conditions for Myob Group Limited
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Bearish Belt-hold TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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