QAN.AX tumbles -1.85% closing A$0.11 lower
Qantas Airways Ltd (QAN.AX) Technical Analysis Report for Apr 17, 2018
Moving lower for the 3rd day in a row, QAN.AX finished Tuesday at 5.84 tanking A$0.11 (-1.85%). This is the biggest single day loss in over two weeks. Today's closing price of 5.84 marks the lowest close since April 4th. Closing below Saturday's low at 5.92, the market confirms its breakout through the previous session's low having traded A$0.12 below it intraday.
Tuesday's trading range was A$0.15 (2.53%), that's far above last trading month's daily average range of A$0.11. Weekly volatility is also higher, being above the markets average with the monthly volatility being below average.
Breaking below the key support level at 5.87 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to April's low at 5.69, downside momentum could speed up should the stock mark new lows for the month.
Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.
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