QAN.AX plummets -1.53% closing A$0.10 lower


Qantas Airways Ltd (QAN.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
QAN.AX tanks -1.53% closing A$0.10 lower
QAN.AX runs into sellers around 6.59 for the third day in a row
QAN.AX unable to break through key resistance level
QAN.AX closes lower for the 2nd day in a row
QAN.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, QAN.AX ended Thursday at 6.45 tanking A$0.10 (-1.53%). This is the biggest single day loss in over two weeks. Today's closing price of 6.45 marks the lowest close since June 6th. Closing below Wednesday's low at 6.49, the stock confirms its breakout through the previous session's low having traded A$0.06 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for QAN.AX
Volatility

Thursday's trading range was A$0.16 (2.45%), that's above last trading month's daily average range of A$0.12. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 6.58, the market closed below it after spiking as high as 6.59 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. Qantas Airways ran into sellers again today around 6.59 for the third trading day in a row after having found sellers at 6.57 in the prior session and at 6.58 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

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

Market Conditions for Qantas Airways Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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