Morrison (Wm.) Supermarkets plc Forecast and Stock Analysis
Technical MRW.L stock analysis for February 15, 2019.
Morrison (Wm.) Supermarkets plc gained 0.32% in the last trading day, rising from £236.95 to £237.70 , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 6 of the last 10 days and is up by 1.21% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 1.02 million more shares were traded than the day before. In total, 6.67 million shares bought and sold for approximately £1 585.03 million.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the MRW.L stock was £237.70. This is 0.32% more than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 1.81% from a day low at £235.40 to a day high of £239.65.
30 day high of the MRW.L stock price was £246.45 and low was £218.35.
90 day high was £252.10 and low was £209.20.
52 week high for the Morrison (Wm.) Supermarkets plc - £270.50 and low - £203.30.
Given the current horizontal trend you can expect Morrison (Wm.) Supermarkets plc with 90% probability to be traded between £206.34 and £243.27 at the end of this period with 90% probability. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Only positive signals in the chart today. Morrison (Wm.) Supermarkets plc holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately £239.69. On a fall, the stock will find some support from the long-term average at approximately £228.78. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. A buy signal was issued from a pivot bottom point on Wednesday February 13, 2019, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 57 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £221.00 and £220.25.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Morrison (Wm.) Supermarkets plc finds support just below today's level at £221.00. If this is broken, then the next support from accumulated volume will be at £220.25 and £212.60.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved £4.25 (1.81%) between high and low. For the last week, the stock has had a daily average volatility of 1.72%.
Our recommended stoploss: £223.65 (-5.91%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 2 days ago.)
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Evaluation: Buy Candidate
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for this stock to perform well in the short-term period. We have upgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Buy Candidate.