MYO.AX dominated by bears dragging the market lower throughout the day
Myob Group Limited (MYO.AX) Technical Analysis Report for Jul 13, 2018
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.