Technicals | Apr 29 2008
This story features QANTAS AIRWAYS LIMITED. For more info SHARE ANALYSIS: QAN
Qantas ((QAN)) shares are having a hard time on the Australian stock market and securities analysts believe there is no relief in sight for Australia’s leading airline operator as long as the oil price remains well above US$100 per barrel.
The TechWizard reports he can only concur with the views expressed by those who look at Qantas from a fundamental perspective: it aint looking good!
The Wizard points out his weekly chart shows the stock is trading in a downtrend as well as below the 20 moving average (M/A). In addition, the shares have been running down the bottom of the Bollinger band.
All this is not positive, he says.
Just to top it off, the Wizard notes the MACD indicator is bearish. Those interested in trading Qantas shares are likely better off by considering any rallies as an opportunity to sell, he adds.
The Wizard has informed us he currently does not own any shares in the company.
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For more info SHARE ANALYSIS: QAN - QANTAS AIRWAYS LIMITED
