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Upside Space For Flight Centre

Technicals | Jul 28 2015

This story features FLIGHT CENTRE TRAVEL GROUP LIMITED. For more info SHARE ANALYSIS: FLT

By Michael Gable 

The small profit taking on our market during the last week is providing a nice dip to pick up any outstanding opportunities. Reporting season kicks off next week and we expect markets to start to push higher throughout the coming weeks. It makes for an opportune time to switch holdings into those with the greatest upside.

Today we look at Flight Centre ((FLT)).
 

The sell-off in FLT has seen it come back towards the downtrend line that was established in mid last year. FLT retested that line earlier this month and has now been heading higher in the face of a choppy market. Buy signals have also been triggered on both the MACD and RSI (circled). This positive price action will further be aided by the covering off on the large number of short positions in the market. We have multiple resistance levels near $38, $40, and $42. The $42 level is the larger resistance zone and we expect that to be achievable post the annual results in August.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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For more info SHARE ANALYSIS: FLT - FLIGHT CENTRE TRAVEL GROUP LIMITED