MYX.AX finds support at 100-day moving average
Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
MYX.AX ended the week unchanged at 1.08 after losing $0.02 (-1.82%) today on low volume, strongly underperforming the ASX 200 (-0.11%).
Daily Candlestick Chart (MYX.AX as at Nov 09, 2018):
Friday's trading range has been $0.04 (3.64%), that's slightly below the last trading month's daily average range of $0.05. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MYX.AX.
After trading as low as 1.06 during the day, Mayne Pharma found support at the 100-day moving average at 1.07. The last time this happened on Monday, MYX.AX lost 0.00% on the following trading day.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could speed up should prices move above the nearby swing high at 1.12 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 1.04 where further sell stops might get activated. Further selling could move prices lower should the market test October's nearby low at 1.02.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Its common bullish interpretation has been confirmed for Mayne Pharma. Out of 166 times, MYX.AX closed higher 42.77% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 46.99% with an average market move of 0.10%.