BOQ.AX finds support at 20-day moving average

Bank of Queensland (BOQ.AX) Technical Analysis Report for Sep 14, 2018

Highlights

BOQ.AX closes above its opening price after recovering from early selling pressure
BOQ.AX pushes through 20-day moving average
BOQ.AX finds support at 20-day moving average
BOQ.AX closes within previous day's range after lackluster session
BOQ.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

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 chart for BOQ.AX

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Bank of Queensland

Loading Market Conditions for $BOQ.AX (Bank of Queensland)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Bank of Queensland traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers

Related Stocks

AMP.AX 10 day candlestick chart for AMP.AX 3.22 0.01 (0.31%)
ANZ.AX 10 day candlestick chart for ANZ.AX 28.46 0.04 (0.14%)
ASX.AX 10 day candlestick chart for ASX.AX 63.71 0.46 (0.73%)
BEN.AX 10 day candlestick chart for BEN.AX 10.75 -0.01 (-0.09%)
CBA.AX 10 day candlestick chart for CBA.AX 71.94 0.06 (0.08%)
CCP.AX 10 day candlestick chart for CCP.AX 22.32 -0.02 (-0.09%)
CGF.AX 10 day candlestick chart for CGF.AX 11.13 0.28 (2.58%)
CYB.AX 10 day candlestick chart for CYB.AX 6.00 -0.01 (-0.17%)
GMA.AX 10 day candlestick chart for GMA.AX 2.57 0.04 (1.58%)
IAG.AX 10 day candlestick chart for IAG.AX 7.40 0.00 (0.00%)
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!