technical trading strategy, page-9

The fall from $17.53 to $14.76 has been the largest fall in the stock since December last year which I surmise as completing the "a" wave in a corrective stage for QBE.I think some resistance can be expected at around $16.15 as the "b" unfolds. I feel sure that the "a" wave completed at just above the 38.2% fib line which also coincides with the the 200ma. Not sure how how you view short term I am guessing you mean between 5 to 10 days if this is the case if the gap high is met it might be a time some will sell however I am favouring a fall back again at around $16.15 with a "c" wave unfolding pushing the stock down. The 50 day MA will also approximately be at 16.15 if the stock continues to rise over the next few days. The gap must also be mentioned as also being a 20cents dividend. I think from a technical viewpoint I am favouring QBE to eventually continue up and surpass its previous highs of this year. Feel there will be another shorting opportunity before it gets there though, just my thoughts.