MKTX Stock is Bearish in 2023, Will Its Trend Change Before 2024?

• The MarketAxess Holdings Stock price has declined by over 9% in the previous trading session.
• MKTX stock Q3 result missed the market estimates and reported a $1.46 profit per share.
• Barclays has cut down the target price of the MarketAxess Holdings Stock from $308 to $278.

MarketAxess Holding’s stock price declined by over 9% in the previous trading session after the Company reported its Q3 Results. As a result, the company has reported a profit of $1.46, which was estimated at $1.48 by the market. After this, the investors reacted negatively to the stock as the company missed the market estimates.

MarketAxess Holdings Stock has been in a major downtrend since the end of the year 2020. However, this fall was halted in October 2022 and the stock price has started going up. This uptrend didn’t last long as the stock price halted this trend in March 2023. Currently, the stock price is in a major downtrend, as it has already declined by over 46% from the annual high. 

Barclays has cut down the target price of the MarketAxess Holdings Stock from $308 to $278. However, it has maintained its overweight rating on the stock which is a good sign for the company.  The target price is still far away from the CMP and it can help to boost the price in future. The stock price has reacted positively to this and tried to bounce, but it has failed to continue the momentum. 

A Quick Glimpse of the MKTX Stock Chart

The MKTX stock price has formed a downward-sloping trendline and is following it perfectly. The price has recently faced a strong rejection from that level. If we notice the chart structure of the stock, it is visible that it is forming a lower high and lower low chart formation. It is considered a bearish structure and the stock is looking weak to change this structure anytime soon.

The MKTX stock price has formed a giant bearish candle in the last trading session. However, the stock recovered the fall at the end of the trading session. It has taken support from the previous swing low of $201.50. Apart from this, other support is present at the level of $166.23. Considering the resistance level of the stock it is present at the level of $274.38 and $300.88.

A Glance at the Exponential Moving Average and Relative Strength Index

MarketAxess Holding stock price is currently trading below the 50-day and 200-day exponential moving average. However, it has tried to regain the 50-EMA levels and is sustaining above, but it has failed to hold the levels for long. The relative strength index is currently sloping downward and is below the halfway line, which signifies that the bulls have lost momentum.

Conclusion

The recent behavior of the MKTX stock price indicates that some serious short position has been created at the upper level. Along with that the result reported by the company was not as expected which can create some pressure ahead. If the price breaks the support level of $201.50, it can slide towards the $166.23 level. However, $274.38 and $300.88 Will act as resistance.

Technical level

• Resistance – $274.38 and $300.88.
• Support – $201.50 and $166.23

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.