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


Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
MYX.AX tanks -3.12% closing A$0.03 lower
MYX.AX runs into sellers around 0.96 for the third day in a row
MYX.AX dominated by bears dragging the market lower throughout the day
MYX.AX breaks below 20-day moving average
MYX.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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 chart for MYX.AX
Volatility

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.

Price Action

Notwithstanding a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Order Flow

Selling might speed up should prices move below the close-by swing low at 0.92 where further sell stops could get triggered.

Conclusion

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

Market Conditions for Mayne Pharma Limited
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Tweezer Top TQ Pro Members Only
Doji TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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