“The MQG share price is well down for the year, and it has generally been mirroring that of the broader market,” Michael said.

“However, if the market looks like bouncing from here, then will MQG shares also lift higher?

“Last Friday, MQG released first half results that were softer than expected.

“This could be a concern for those wondering if the share price can recover.

“However, the price action is indicating that the downside was already priced in.

“On the day of the result, the shares sold off in the morning, but by the afternoon they were trading higher.

“This large “outside day” is a bullish sign (see circled in chart below).

“Positive price action like this tends to demonstrate that the worst was already factored into the price.

“There is therefore a high chance that MQG has put in a low and the share price should improve from here.

“Current levels are a buying opportunity.

“A fall under last week’s low near $155 would be a negative sign,” Michael said.

PLEASE ADD CHART PROVIDED OF Macquarie (MQG)

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.