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 ended Wednesday at 0.84 surging $0.03 (3.7%).
Daily Candlestick Chart (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%.