MarketAxess Is Pointed Still Lower
Shares of the electronic trading platform operator have been in a three-year decline, with no relief in sight.
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MarketAxess Holdings Inc. MKTX is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services.
Let's check out the charts and indicators to set a strategy for the months ahead.
In the daily bar chart of MKTX, below, I can see that the shares have traded lower since late February. MKTX trades below the declining 50-day moving average line and below the declining 200-day moving average line.
The trading volume has been more active since February. The On-Balance-Volume (OBV) line shows weakness into the middle of April followed by a slight rise. The Moving Average Convergence Divergence (MACD) oscillator is slightly below the zero line.
In the weekly Japanese candlestick chart of MKTX, below, I can see that the shares have been in a three-year decline. MKTX trades below the declining 40-week moving average line.
The weekly OBV line has been weak for the last three years. The MACD oscillator is in a bearish alignment below the zero line.
In this daily Point and Figure chart of MKTX, below, I can see a potential downside price target in the $165 area.
In this second Point and Figure chart of MKTX, below, I used weekly price data with a five-box reversal filter. Here the software points to a price target in the $136 area.
Bottom-line strategy: The charts and indicators of MKTX look bearish to me and traders should avoid the long side of MKTX as further declines look possible.
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