QAN.AX closes within previous day's range

Qantas Airways Ltd (QAN.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team


Traders officially love to buy QAN.AX around 6.56 level
QAN.AX finds buyers at key support level
QAN.AX closes higher for the 2nd day in a row
QAN.AX still stuck within tight trading range
QAN.AX closes within previous day's range


Moving higher for the 2nd day in a row, QAN.AX ended the week 1.53% higher at 6.63 after edging higher A$0.03 (0.45%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily Candlestick Chart (QAN.AX as at Jul 13, 2018):

Daily technical analysis candlestick chart for Qantas Airways Ltd (QAN.AX) as at Jul 13, 2018

Friday's trading range was A$0.11 (1.67%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 6.50 and 6.67 which it has been in now for the last trading week.

After trading as low as 6.56 during the day, the stock bounced off the key support level at 6.58. The failure to close below the support might increase that levels importance as support going forward. Qantas Airways was bought again around 6.56 after having seen lows at 6.54, 6.54 and 6.55 in the last three trading sessions. Obviously there is something going on at that level.

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

Buying could speed up should prices move above the close-by swing high at 6.67 where further buy stops might get activated. With prices trading close to this year's high at 6.73, upside momentum could accelerate should the market be able to break out to new highs for the year.

Market Conditions for QAN.AX as at Jul 13, 2018

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