MYX.AX closes within prior day's range after lackluster session
Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
MYX.AX ended Thursday at 0.90 flat. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MYX.AX as at Jun 14, 2018):
Thursday's trading range was A$0.01 (1.11%), that's far below last trading month's daily average range of A$0.03. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Even with a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.93 where further buy stops might get activated.