Tag: ASX:QAN

Qantas Airways is under Algo Engine buy conditions.

Qantas Airways is under Algo Engine buy conditions.

Qantas Airways

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Qantas Airways is under Algo Engine buy conditions. We expect the recent $4.25 low to hold and highlight the entry opportunity with a stop loss below $4.40 or the pivot low at $4.25.

Qantas Airways is under Algo Engine buy conditions and is now a current holding in our ASX 100 model.

The switch from sell to buy conditions means the stock has automatically been added, however, traders may wish to watch the shorter-term indicators for confirmation of the change in trend.

The below graph highlights the key trend signals to watch and we forecast buying support to build near the $6.50 level.

Qantas Airways has been under Algo Engine sell conditions since forming a lower high in February at $6.25. The stock is now trading at $5.25 and we see little reason to change our short-side bias on this one.

The post below is from the 6th of December. Qantas has since sold off and is now trading $5.35

Qantas is under an Algo Engine sell signal, following the lower high formation at $6.16

Chart from 6th of Dec

Our ALGO engine triggered a sell signal on QAN on November 14th at $6.05.

Since then the stock has traded lower and reached $5.45 in early trade today.

From a longer-term perspective, we believe QAN will benefit from from the 30% drop in crude oil since October. Even if energy prices stabilize near current levels, QAN is well-placed for solid profit growth in 2019.

We expect to see investor interest accumulate in the $5.10 area and will look for an ALGO buy signal in that range.

QANTAS

Our ALGO engine triggered a sell signal for QANTAS into yesterday’s ASX close at $5.90.

This “lower high”pattern is reference to the intraday high of $6.30 from September 12th.

On October 25th, we posted a report to buy QAN in the $5.40 area on the basis of lower oil costs and steady earnings growth.

At this point, it looks like oil prices are overdue for a rebound higher, which could pressure QAN back into our $5.40 to $5.35 buy zone.

As such, we suggest taking profits in QAN.  At current levels the return will be just over 8%.

We will look for another ALGO buy signal in the $5.30 area.

QANTAS