QUB.AX finds buyers at key support level
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.
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.
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.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.
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
|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|
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