Despite warning investors about a potential US 1.2 billion full year after tax loss, shares of QBE are over 4% higher at $10.90.
After dropping over 6% to $9.85 yesterday, it seems investors looked past the headlines and saw value in the company going forward.
You're not a member! Trial today
Much of this optimism was based on the one-off charge of US 230 million on the value of deferred tax credits in the USA and a US 700 million impairment charge.
Our ALGO engine triggered a sell signal in QBE at $11.00 on October 24th.
With the daily chart still dominated by the “lower high” pattern from mid-August, we consider QBE a reasonable stock for a BUY/WRITE strategy.
QBE Insurance
