BOQ fell back 3.3% this week, significantly more than other banks lost. That fall also voided the pattern I thought price had been making and it now looks like it could be a simple rising price channel (rather than a rectangle) where Friday’s fall took price to the lower boundary of said channel. From that point it should/could rise but it’s outlook is now less certain for me. Again, I will continue to hold in the expectation the channel boundary will cause BOQ to bounce up.
29 July 2021
As the price pattern of BOQ has continued to unfold this month I think the pattern is more of a flag than a pennent suggested below. I'm also being a bit more conservative with my price target which I've reduced to $10.42. Note that my original $11.20 target still stands assuming price achieves $10.40 and moves higher. The problem with sideways patterns is you don't know how long the breakout will be. Profit release is 14 October being also my birthday and the probable delivery of a caravan I intend to escape Covid in! How could I not take a punt and buy - however, I think I'll play it safe and wait for price to break up out of said pattern.
9 July 2021
BOQ has shown good consistent growth since March last year but has been drifitng sideways since hitting overhead resistance at $9.40. That sideways drift has formed a flag pattern which price should eventually break up out of to give a potential target of $11.20 and a 20%+ profit on current price.