MYX.AX breaks above 50-day moving average for the first time since October 24, 2018

Mayne Pharma Limited (MYX.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team


MYX.AX breaks above 50-day moving average for the first time since October 24, 2018


MYX.AX ended Wednesday at 0.84 surging $0.03 (3.7%).

Daily Candlestick Chart (MYX.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for Mayne Pharma Limited (MYX.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.04 (4.88%), that's above the last trading month's daily average range of $0.03. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MYX.AX.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on January 22nd, MYX.AX actually lost -2.33% on the following trading day.

The share managed to close above the 50-day moving average at 0.84 for the first time since October 24, 2018.

Although Mayne Pharma is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

With prices trading close to this year's high at 0.88, upside momentum might accelerate should the stock be able to break out to new highs for the year.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Mayne Pharma. Out of 190 times, MYX.AX closed higher 41.05% 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 45.79% with an average market move of 0.46%.

Latest Report:

MYX.AX ends the day indecisive

Apr 04, 2019
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 Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!