ALGO Update: Stay Short Bank of Queensland

Our ALGO engine triggered a sell signal for BOQ on August 31st at $11.49.

Since then the share price has traded sideways to lower and has now broken a technical support level near $11.05.

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BOQ will hold its AGM next Thursday, October 4th.

In addition to warnings about funding pressures and contracting margins, we also expect the bank to announce a $30 million restructuring charge during the meeting.

On balance, the combination of technical and fundamental weakness points to a return to the June lows near $9.60.

Bank of Queensland

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