Wednesday, December 07, 2011
Qantas Technical Analysis
I haven't done this kind of thing for a while :) Looking at the Qantas chart there is a clear resistance line at $1.80. TA theory would say that if we get above that we probably won't go below it again in a hurry. It's interesting a friend said he thinks there will be a new buyout offer at $1.80 - Seems very low though to me... Don't know if it based on anything solid or just rumors he heard (my friends are in places where you can hear interesting rumors). Anyway, there is also an inverse head and shoulders formation in Qan that would take it to about $2.10 if it works. The most recent low in QAN is higher than the previous one and there is some sign that volume is declining through the formation, though hardly a classic pattern.