QAN.AX closes within prior day's range after lackluster session
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|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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