Our ALGO engine triggered a buy signal for Suncorp into yesterday’s ASX close at $14.20.
This “higher low” pattern is referenced to the intra-day low posted on June 14th at $13.70.
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Shares of SUN have dropped over 10% during the last month as the potential for fines and increased regulations from the Royal Commission have weighed on both banking and insurance stocks.
However, the technical picture is beginning to look oversold. As such, we consider SUN a buy/write opportunity near the key support level of $13.60.
Suncorp
