QBE.AX rises to highest close since February 23rd

QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team


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


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):

Daily technical analysis candlestick chart for QBE Insurance Group Ltd (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.

Market Conditions for QBE.AX as at May 18, 2018

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