QBE.AX climbs to highest close since December 4, 2018
QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, QBE.AX finished Wednesday at 11.36 gaining $0.07 (0.62%), notably outperforming the ASX 50 (-0.44%). Today's close at 11.36 marks the highest recorded closing price since December 4, 2018. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (QBE.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.15 (1.33%), that's below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for QBE.AX.
Prices are trading close to the key technical resistance level at 11.46 (R1).
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to December's high at 11.59 we might see further upside momentum if potential buy stops at the level get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for QBE Insurance. Out of 310 times, QBE.AX closed lower 51.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 49.35% with an average market move of -0.24%.