RE unable to break through key resistance level


Everest Re Group Ltd (RE) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
RE unable to break through key resistance level
RE runs into sellers again around 229.12
RE still stuck within tight trading range
RE closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

RE finished Thursday at 227.80 losing $1.27 (-0.55%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for RE
Volatility

Thursday's trading range was $3.37 (1.47%), that's slightly below last trading month's daily average range of $4.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 225.75 and 229.30 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 229.10, the share closed below it after spiking as high as 229.12 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 229.30 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 229.12.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 229.30 where further buy stops might get activated. As prices are trading close to May's high at 233.56, upside momentum could speed up should Everest Re mark new highs for the month. As prices are trading close to May's low at 222.67, downside momentum might accelerate should RE mark new lows for the month.

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
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Break through SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

RE rallies 1.57% closing $3.63 higher

Jul 16, 2018
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