Our ALGO engine triggered a buy signal for Flight Centre into Friday’s ASX close at $55.40.
This “higher low” formation is referenced to the intra-day low of $54.20 posted on April 24th.
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Despite reporting a full-year profit of $384 million on August 20th, the share price has dropped over 20% during the last three weeks.
FLT has one of the strongest balance sheets on the local market with just $35.5 million in debt translating into a respectable $517.5 million net cash position.
As such, we believe the share price has reached oversold territory and will likely find solid investor support near the $54.80 level.
Flight Centre
