BOQ.AX finds buyers at key support level
Bank of Queensland (BOQ.AX) Technical Analysis Report for Jul 13, 2018
BOQ.AX ended the week 2.1% higher at 10.71 after losing A$0.12 (-1.11%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Friday's trading range was A$0.24 (2.2%), that's above last trading month's daily average range of A$0.19. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After trading as low as 10.66 during the day, the market bounced off the key support level at 10.69. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 10.92 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 10.90.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. Bank of broke below the 100-day moving average at 10.80 today for the first time since February 28th.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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