QBE.AX rises to highest close since February 23rd


QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
QBE.AX closes above its opening price after recovering from early selling pressure
QBE.AX fails to close above 200-day moving average
QBE.AX closes higher for the 3rd day in a row
QBE.AX pushes through previous session high
QBE.AX rises to highest close since February 23rd
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

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 chart for QBE.AX
Volatility

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.

Support/Resistance

After spiking up to 10.50 during the day, the share found resistance at the 200-day moving average at 10.49.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Selling could speed up should prices move below the nearby swing low at 10.30 where further sell stops might get triggered.

Conclusion

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

Market Conditions for QBE Insurance Group Ltd
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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