What’s Happening to the Share Price of Qantas Airways Ltd?

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What is the share price of Qantas Airways Ltd doing today?

This is a follow up to a post I made on April 16 about Qantas Airways Limited [ASX:QAN].

Qantas has broken into new highs again today, making a high for the day of $3.79 at the time of writing.

OK, but what is the updated chart telling you?

What does the chart look like?

I find it helpful to bring up a chart. This time I bring up the daily chart of QAN.

QAN chart

Source: STEX
[Click to enlarge]

Another lucky call on QAN Shares?

In the previous post on April 16, I stated passenger numbers would be improving, subsequent announcements have since confirmed.

Also in that post I am on record as stating,

‘One just has a gut feeling that it may be time for Qantas to consolidate recent gains and take a breath for a minute. Let’s wait and see.’

From that moment on, indicated by the arrow on the chart, it proceeded to go sideways for a month. Just a lucky call on that one.

You’ll never hear from me that trading the share market is easy, but with a little charting knowledge, you just start swimming with the current, rather than against it. If you want to learn a bit more about the reading the charts you can fast track your education here.

Cheers,
Terence Duffy,
Research Analyst, Cycles, Trends and Forecasts

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The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.
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