MYX.AX dominated by bears dragging the market lower throughout the day
Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Aug 10, 2018
MYX.AX finished the week -3.12% lower at 0.93 after tanking A$0.03 (-3.12%) today. This is the biggest single day loss in over a month. Today's closing price of 0.93 marks the lowest close since July 25th. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (MYX.AX as at Aug 10, 2018):
Friday's trading range was A$0.03 (3.12%), that's slightly above last trading month's daily average range of A$0.03. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Notwithstanding a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
The stock ran into sellers again today around 0.96 for the third trading day in a row after having found sellers at 0.96 in the prior session and at 0.96 two days ago.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. Mayne Pharma broke below the 20-day moving average at 0.93 today for the first time since July 20th.
Selling might speed up should prices move below the close-by swing low at 0.92 where further sell stops could get triggered.