Our ALGO engine triggered a buy signal for QAN at $6.16 on June 29th.
Since then the share price traded as high as $6.92 in late August.
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However, the recent surge in oil prices has pushed the share price down to $5.82 in early trade today.
Considering the dynamic hedging program that the company has in place, we believe the share price is nearing an oversold condition on the daily charts.
QAN is part of our ASX Top 50 portfolio and we see good value at current levels for a move back into the $7.90 area over the medium-term.
QANTAS
