QAN.AX plummets -1.53% closing A$0.10 lower
Qantas Airways Ltd (QAN.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (QAN.AX as at Jun 14, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.