QBE.AX unable to break through key resistance level


QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
QBE.AX unable to break through key resistance level
QBE.AX fails to close above 100-day moving average
QBE.AX finds buyers again around 9.76
QBE.AX closes within previous day's range after lackluster session
QBE.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

QBE.AX ended the week -0.1% lower at 9.79 after gaining A$0.01 (0.1%) 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 QBE.AX
Volatility

Friday's trading range was A$0.11 (1.12%), that's below last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 9.80, the market closed below it after spiking as high as 9.87 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 9.75 in the prior session, the stock found buyers again around the same price level today at 9.76. After spiking up to 9.87 during the day, the share found resistance at the 100-day moving average at 9.86.

Trend

Though QBE Insurance is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 9.73 where further sell stops could get activated. As prices are trading close to July's low at 9.68, downside momentum might speed up should QBE.AX mark new lows for the month.

Conclusion

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

Market Conditions for QBE Insurance Group Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when QBE Insurance Group Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup

Stocks Top Movers

GBPUSD 1.31350.0120 0.92%
GOLD 1,231.99.4 0.77%
HSI 28,224.48213.62 0.76%
EURUSD 1.17230.0081 0.70%
ASX 6,285.9023.20 0.37%
INDU 25,058.12-6.38 -0.03%
NDX 7,350.23-2.13 -0.03%
FTSE 7,678.79-5.21 -0.07%
NATGAS 2.733-0.002 -0.07%
SPX 2,801.83-2.66 -0.09%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV88.91 -1.04
-1.16%
ACN 10 day candlestick chart for ACN166.52 -0.37
-0.22%
ADBE 10 day candlestick chart for ADBE257.54 -0.14
-0.05%
AAP 10 day candlestick chart for AAP142.67 -0.70
-0.49%
AES 10 day candlestick chart for AES13.03 0.00
0.00%
AET 10 day candlestick chart for AET187.22 -2.82
-1.48%
AFL 10 day candlestick chart for AFL43.06 0.17
0.40%
AMG 10 day candlestick chart for AMG148.84 -0.47
-0.31%
A 10 day candlestick chart for A63.85 -0.30
-0.47%
ABT 10 day candlestick chart for ABT63.32 -0.46
-0.72%