BOQ.AX finds support at 20-day moving average
Bank of Queensland (BOQ.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
BOQ.AX ended the week 1.71% higher at 11.29 after gaining A$0.07 (0.62%) today on low volume. Trading up to A$0.05 lower after the open, Bank of managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BOQ.AX as at Sep 14, 2018):
Friday's trading range was A$0.11 (0.98%), that's far below last trading month's daily average range of A$0.18. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above 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 moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Prices are trading close to a key support level at 11.19. Prices are trading close to the key resistance level at 11.37. After trading as low as 11.23 during the day, the share found support at the 20-day moving average at 11.26.
While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. BOQ.AX managed to break above the 20-day moving average at 11.26 today for the first time since September 10th.
Selling could accelerate should prices move below the close-by swing low at 11.19 where further sell stops might get activated. As prices are trading close to September's high at 11.55, upside momentum could speed up should Bank of mark new highs for the month.