QBE.AX unable to break through key resistance level

QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for Jul 13, 2018

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:
TQ Pro Only
See the overall Technical Analysis forecast for today.

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

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