Technicals | Sep 29 2020
This story features QANTAS AIRWAYS LIMITED. For more info SHARE ANALYSIS: QAN
By Michael Gable
US indices have staged a nice reversal over the last few days. It therefore appears that for now, the declines seen during the last month could be over. The Australian market has also bounced off the bottom of the recent range and this should see improvements in most share prices from here. Having said that, after a strong day for the banks last Friday, they were unable to follow through yesterday. Because these laggards are such a large part of our index, if the banks don't rally soon then the S&P/ASX 200 index will continue to be held back.
One sector that we have mentioned a number of times now appears to be on the move, and that is the travel sector. In today's report we have a chart on Qantas Airways ((QAN)).
QAN's shares have been building up nicely since the start of August. The last few weeks or so has seen the broader market fall back, but QAN has held steady. It is now pushing beyond its recent trading range and is now on course to retest the June peak near $5.00. Volume has also been high on the way up. Current levels are therefore a buying opportunity. If it can push beyond $5.00, then the next obvious resistance level is near $5.50.
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
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
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). 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: QAN - QANTAS AIRWAYS LIMITED