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.
You're not a member! Trial today
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
