Banking in Queensland... sorry im WA

Noticed BOQ gapped up again today, the volume is not really signigicant and it seems to be still from that profit announcement which was on the 15th. I noticed the gap today as it was quite large, i did not take action initally. I decided i would look in and do some analysis on the chart This is what i have found.



Basically it is found some resistance at the 45 degree or 1:1 line from the highs back in 2007 as indicated from the gann fan which has been placed on the chart. I noticed this and took a short position near the highs.

It has been 30 months from the last highs and looks to be nearing a critical turning point. It has left 2 gaps both quite significant which i feel need closing and going on the performance of the gaps this stock normally has left in the past they are usually closed relativly quickly.



It also looks to have completed the range that it has done previously and with many of the indicators looking over bought and have been for a while it is becoming more and more likely it is going to fill those gaps (similar to CTX i feel) Happy to loosen the stops and have some patience and can always add on the confirmation

I have only taken a part poistion so far and any break down towards the gaps i will add to the position and tighten stops but for now im happy to see if we can get a move down (im bearish on the market) and fill those gaps sooner rather than later.