QAN.AX closes within prior day's range after lackluster session


Qantas Airways Ltd (QAN.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
QAN.AX finds buyers around 6.30 for the third day in a row
QAN.AX stuck within tight trading range
QAN.AX closes within previous day's range after lackluster session
QAN.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bullish
Technical Forecast:
Overview

QAN.AX finished the week 3.6% higher at 6.33 after losing A$0.01 (-0.16%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for QAN.AX
Volatility

Friday's trading range was A$0.07 (1.1%), that's far below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 6.29 and 6.42 which it has been in now for the last three days.

Support/Resistance

Qantas Airways found buyers again today around 6.30 for the third trading day in a row after having found demand at 6.31 in the prior session and at 6.29 two days ago.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 6.42 where further buy stops could get activated. With prices trading close to this year's high at 6.45, upside momentum might accelerate should the market be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Qantas Airways Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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