MYO.AX dominated by bears dragging the market lower throughout the day


Myob Group Limited (MYO.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
MYO.AX runs into sellers around 3.08 for the third day in a row
MYO.AX dominated by bears dragging the market lower throughout the day
MYO.AX falls to lowest close since July 6th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

MYO.AX ended the week 0.66% higher at 3.04 after losing A$0.02 (-0.65%) today. Today's closing price of 3.04 marks the lowest close since July 6th. The bears were in full control today, moving the market lower throughout the whole session.

Daily chart for MYO.AX
Volatility

Friday's trading range was A$0.05 (1.62%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Price Action

Regardless of a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 3.01. The share ran into sellers again today around 3.08 for the third trading day in a row after having found sellers at 3.08 in the prior session and at 3.07 two days ago.

Trend

Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the close-by swing low at 3.01 where further sell stops might get triggered.

Conclusion

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

Market Conditions for Myob Group Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MYO.AX finds buyers again around 3.00

Jul 17, 2018
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