Flight Centre (ASX:FLT) Short term proposition
Flight centre has been beat down since Covid-19 and as of today is 3rd most shorted stock on the ASX. This acts as some unflattering news for traders however could there be a potential upward movement?
From my charting line i was alert today that FLT has seemed to touch and rebound on its support level after its 5% drop due to bad returns which personally indicates a bullish idea as despite negative news is unable to break this level.
This had brought me to two possible conclusions. FLT will continue to be beat down by the shorts and maintain in sideways movement or FLT will rebound of the support level and reach its resistance level as shown in the diagram.
From my charting line i was alert today that FLT has seemed to touch and rebound on its support level after its 5% drop due to bad returns which personally indicates a bullish idea as despite negative news is unable to break this level.
This had brought me to two possible conclusions. FLT will continue to be beat down by the shorts and maintain in sideways movement or FLT will rebound of the support level and reach its resistance level as shown in the diagram.
Comment:
Today FLT open below my support line therefore indicating a bearish movement. I expect a price settlement around one of the below support levels.
