MYX.AX closes within prior day's range

Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Sep 14, 2018

Highlights

MYX.AX runs into sellers around 1.25 for the third day in a row
MYX.AX closes below its opening price unable to hold early session gains
MYX.AX unable to break through key resistance level
MYX.AX closes lower for the 2nd day in a row
MYX.AX ends the day on a bearish note closing near the low of the day

TQ Sentiment

Report Sentiment: 66% Bearish
Technical Forecast:

Overview

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 chart for MYX.AX

Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

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 Rate Exit Day Events
Close near low of period TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Mayne Pharma Limited traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers

Related Stocks

ANN.AX 10 day candlestick chart for ANN.AX 24.92 -0.02 (-0.08%)
API.AX 10 day candlestick chart for API.AX 1.83 -0.06 (-3.17%)
COH.AX 10 day candlestick chart for COH.AX 200.47 -3.33 (-1.63%)
CSL.AX 10 day candlestick chart for CSL.AX 205.29 -2.94 (-1.41%)
EHE.AX 10 day candlestick chart for EHE.AX 2.47 0.07 (2.92%)
FPH.AX 10 day candlestick chart for FPH.AX 14.03 0.28 (2.04%)
GTY.AX 10 day candlestick chart for GTY.AX 2.24 0.00 (0.00%)
GXL.AX 10 day candlestick chart for GXL.AX 3.64 -0.05 (-1.36%)
HSO.AX 10 day candlestick chart for HSO.AX 2.05 -0.01 (-0.49%)
MYX.AX 10 day candlestick chart for MYX.AX 1.20 -0.04 (-3.23%)
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!