QBE.AX rises to highest close since February 23rd
QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for May 18, 2018
Moving higher for the 3rd day in a row, QBE.AX finished the week 2.45% higher at 10.46 after gaining A$0.04 (0.38%) today. Today's closing price of 10.46 marks the highest close since February 23rd. Trading up to A$0.07 lower after the open, QBE Insurance managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 10.45, the market confirms its breakout through the previous session's high having traded A$0.05 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (QBE.AX as at May 18, 2018):
Friday's trading range was A$0.12 (1.15%), that's far below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After spiking up to 10.50 during the day, the share found resistance at the 200-day moving average at 10.49.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could speed up should prices move below the nearby swing low at 10.30 where further sell stops might get triggered.