In yesterday’s trading session, Quant’s price had one of it most volatile days, with prices opening at $87.6 and then dropping by 10 per cent to hit the $77.5 price level. The aggressive bearish move, however, would not last, as intraday trading caused prices to begin rising, gaining 20% and closing the markets trading at $92.8, a session gain of 5%.
Yesterday’s early push to the downside was a continuation of the previous four consecutive bearish sessions that had seen it drop by 15 per cent. The intraday gains also ensured that Quant closed the markets with a market gain, and set the stage for today’s continued bullish trend, with prices already up by almost 3 per cent.
Looking at the chart below, the strong bullish move also looks likely to continue throughout the session. Therefore, I expect the prices to set a new price high for this week.
In the next few trading sessions, I also expect the prices to continue with the current upward move. Part of the reason for my prediction is because prices have already rose by more than 20 per cent from the recent high. The bullish trend in today’s session also looks to have enough momentum to continue pushing upwards. Based on yesterday’s price gain, the Quant price was not affected by the market sentiments that had seen the entire industry in an aggressive push to the downside.
There is a high likelihood that we will see prices hit the $115 resistance level and possibly trade above it in the next few trading sessions. With monthly data showing, Quant is already up by 79 per cent in July, there is also a high likelihood that we may see price approach the $150 price level in the next few weeks.
However, should the prices reverse and trade below the $77 price level, which is yesterday’s price low, then my bullish analysis will be invalidated. It will also mean a likelihood that Quant has failed in its effort to reverse a long-term bearish trend.