Our ALGO engine triggered a sell signal for BOQ at $12.74 on February 27th.
The technical “lower high” price structure is related to the November 30th high at $13.20 and the November 1st high at $13.40.
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We expected the $13.10 resistance level to hold before reverting back below the $12.00 handle.
CFD traders who took this trade can look to cover short positions in the $11.90/95 area.
We maintain our short bias on the banking sector in general, but consider BOQ mildly over-sold.
Bank of Queensland
