WHITE OPENING MARUBOZU
Trading: BUY @ $13.44
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
Suncorp-Metway (ASX:SUN) has formed a White Opening Marubozu candlestick. This means, SUN has received strong buying confidence and upward price movement over the trading day with only a small upper shadow present. Given the limited timeframe in which signal has formed, further confirmation is required through volume and additional technical indicators.
This candlestick represents extreme bullishness and it is characterized with a long white body that has an upper shadow but no lower shadow.
Calculation: White Opening Marubozu Candlestick:
1) The body of the candlestick is white and long;
2) There is no lower shadow;
PROFILE: Suncorp-Metway (SUN.AX)
Stock Exchange: ASX
Ticker Codes: | SUN.AX | ASX:SUN |
Suncorp Group Limited provides insurance, banking, and wealth products and services to retail, corporate, and commercial sectors in Australia and New Zealand. It operates through Insurance, Banking & Wealth, and Suncorp New Zealand segments. The company offers home and contents, motor, marine, travel, commercial property, industrial special risk, public liability and professional indemnity, workers' compensation, compulsory third party, loan protection, equity and cash benefit, life, trauma, total and permanent disablement, and income protection insurance products. It also provides agribusiness, property, and equipment finance; home, personal, and small business loans; savings and transaction accounts; foreign exchange services; treasury products and services; superannuation products; and funds administration and financial planning services. The company was formerly known as Suncorp-Metway Limited and changed its name to Suncorp Group Limited in December 2010. Suncorp Group Limited was founded in 1902 and is based in Brisbane, Australia.
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