RE breaks below prior session low


Everest Re Group Ltd (RE) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
RE breaks key support level
RE closes lower for the 4th day in a row
RE breaks below previous session low
RE falls to lowest close since July 6th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, RE finished the week 0.47% higher at 231.55 after losing $1.30 (-0.56%) today. Today's closing price of 231.55 marks the lowest close since July 6th. Closing below Thursday's low at 231.88, the market confirms its breakout through the prior session's low having traded $1.13 below it intraday.

Daily chart for RE
Volatility

Friday's trading range was $2.37 (1.02%), that's far below last trading month's daily average range of $3.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 229.76. Breaking below the key support level at 231.87 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

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

Market Conditions for Everest Re Group Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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