Technicals | Nov 14 2011
The TechWizard has observed shares in Qantas ((QAN)) have bounced to circa $1.63 after falling from $3 to $1.18 earlier.
Technically, reports the Wizard, the shares are now sitting at resistance at the 20 moving average (M/A). This provides investors with two possibilities for the path ahead:
1. the shares resume their downtrend and revisit $1.20 soon
2. the shares run up to the top Bollinger band resistance at $2.00
The TechWizard believes we will see an end-of-the-year rally in equities and as such he favours scenario number two
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
