Myer Holdings Limited (MYR.ASX)

29 November 2017

Technical Summary: It has been a difficult 5 years for shareholders of MYR as the stock has been locked in a downtrend. Doing the exact opposite of what you want as a shareholder with the stock going from nearly $3 per share to around $0.70 that it trades at today. This downtrend has extended into this year with the stock making a series of lower lows. More recently the downtrend has decelerated and the stock could be showing signs of a bottom and currently trades just above all time lows. We see it as crucial that the stock does not breach these lows. More recently volatility in the stock is drying up. Before the stock does become buyable we would like to see the stock show more proof that the downtrend is over. By this we mean that we would like to see the stock make a higher high. The stock on this basis is one to add to your watchlist.

MYR would be one to add to your watchlist for future strength

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