Technicals | Sep 29 2020
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)).