BOQ.AX pushes through Thursday's high
Bank of Queensland (BOQ.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BOQ.AX finished the week 3.87% higher at 9.92 after gaining $0.06 (0.61%) today on low volume, outperforming the ASX 200 (-0.11%). Closing above Thursday's high at 9.90, the market confirmed its breakout through the prior session high after trading up to $0.06 above it intraday.
Daily Candlestick Chart (BOQ.AX as at Nov 09, 2018):
Friday's trading range has been $0.15 (1.52%), that's slightly below the last trading month's daily average range of $0.20. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BOQ.AX.
Prices are trading close to the key technical support level at 9.79 (S1).
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Bank of. Out of 43 times, BOQ.AX closed lower 55.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.16% with an average market move of -0.45%.