MYX.AX closes within prior day's range
Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, MYX.AX ended the week 7.02% higher at 1.22 after losing A$0.01 (-0.81%) today. Trading A$0.02 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. 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 Sep 14, 2018):
Friday's trading range was A$0.03 (2.44%), that's slightly below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 1.23, the market closed below it after spiking as high as 1.25 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. Mayne Pharma ran into sellers again today around 1.25 for the third trading day in a row after having found sellers at 1.25 in the prior session and at 1.25 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.