On September 18th, The ALGO engine signalled a “higher low” structure in shares of Suncorp at $12.60.
Two days later the company paid a 40 cent special dividend and pledged to boost dividends throughout 2018, which lifted the share price.
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Despite posting a high of $13.10 on Monday, the upside technical momentum looks to be running out of steam.
As such, we would suggest taking profits at current levels or raising stops to break-even. The chart below illustrates that the next key support level is near the $12.40 area.
Suncorp
