SELL===The stock is descending towards the crucial support level around $2.85. -- Moon

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Date Posted: 06:11:42 04/16/10 Fri
Author: 21st of July 2006
Subject: SELL===The stock is descending towards the crucial support level around $2.85.

Archived Share Suggestion for Friday 21 July Print This Page QANTAS AIRWAYS LIMITED (QAN)
SELL Opinion: The Captain requests that you fasten your seatbelts

Fundamental Analysis
If there are stocks that give you that painful feeling, then Qantas must be one of them. The national flag carrier’s share price has been struggling recently due to rising fuel costs, increased competition and lack of earnings certainty.

So, let’s fasten our seat belts, and get ready for the ride.

While passengers were a bit upset after the Qantas share price dropped more than 7% on the day it listed, back in 1995, it has since had a nice takeoff from around $1.85 and soared as high as $4.84 in 1999.

However, some turbulence sent Qantas down almost 50% from the top until it completed an inverted head-and-shoulder pattern. This is a bullish sign, and soon Qantas was flying the friendly skies again.

The higher it flies, however, the greater the probability it will meet turbulence. This time the turbulence was not as bad as last time, but the sellers still hammered Qantas to below $3.00.

After a period of consolidation, QAN once again flew above the $4 mark. But you don’t need a PhD in technical analysis to see QAN looks ready to land.

The recent share price is trading far below the long term support line, and the MACD indicates a strong bearish crossover, not to mention the triple top on the chart, (or triple turbulence if you like).

The stock is descending towards the crucial support level around $2.85. Passengers are kindly reminded to disembark if it falls below that level.

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Replies:

Re: SELL===The stock is descending towards the crucial support level around $2.85. (NT) -- soared as high as $4.84 in 1999.===by 2==292, 06:12:48 04/16/10 Fri
- Re: SELL===The stock is descending towards the crucial support level around $2.85. (NT) -- 242==by 2---484, 06:13:39 04/16/10 Fri