Qantas Set For Takeoff

Technicals | Apr 14 2020

By MichaelGable

Share markets have risen strongly in the last few weeks and we continue to be bullish on their near-term prospects. The S&P 500 Index has recovered half of its losses now and we will have to see if that causes it to consolidate here; or if this momentum we are seeing will make it edge even higher. Longer-term though, there are still some great levels to be found here on quality stocks.

News of the US Federal Reserve stepping in to the tune of US$2.3 trillion helped share markets head higher at the end of last week. It once again has raised questions as to why the share market is rallying when a record number of people are losing jobs and everything in the world looks so bad. Unfortunately, that widespread rationale is from people who don't get share markets. This is not the place to explain how share markets work, but let us just say that markets won't wait for everything to fall into place before heading higher. Investing is all about risk/reward. If you wait until there is no risk, then you will have no reward. Try to eliminate risk completely and sit in cash, and you actually end up going backwards over time. We continue to believe that you can make the most of opportunities down here, in a calculated way.

Today's report analyses the chart of Qantas Airways ((QAN)).


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