QUB.AX finds buyers at key support level


QUBE Holdings Limited (QUB.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
QUB.AX finds buyers at key support level
QUB.AX finds support at 200-day moving average
QUB.AX still stuck within tight trading range
QUB.AX closes within previous day's range
QUB.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

QUB.AX ended the week unchanged at 2.45 after losing A$0.02 (-0.81%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for QUB.AX
Volatility

Friday's trading range was A$0.05 (2.04%), that's slightly above last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 2.42 and 2.48 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 2.42 during the day, QUBE Holdings bounced off the key support level at 2.43. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 2.42 during the day, the market found support at the 200-day moving average at 2.45.

Trend

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

Order Flow

Buying could speed up should prices move above the nearby swing high at 2.48 where further buy stops might get triggered. Further buying could move prices higher should the market test June's close-by high at 2.49.

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 QUBE Holdings Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
More market conditions identified for TQ Pro members...
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