MYO.AX dominated by bears dragging the market lower throughout the day
Myob Group Limited (MYO.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MYO.AX as at Jul 13, 2018):
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.
Regardless of a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
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.
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.
Selling could speed up should prices move below the close-by swing low at 3.01 where further sell stops might get triggered.