Technical Analysis: QBE shares experienced a strong rally over the start of last year, and has found a range bound between $11.25 to $12.20 per share. We see the stock has been over bought as it goes ahead of $12.50 level and does not hold there for long. It has been recently oversold to as low at $10.02, and is starting to see some support over the last few days not staying down there very long and we believe QBE should return back to its recent trading range of $11.00- $12.00 shortly – once Russia-Ukraine volatility settles down. Over the medium term with more support QBE should be able to break past $12.00 and hold above that level.