ASX: QAN Qantas trading in an ascending triangle

Qantas QAN has been quite stable and experiencing low volatility for the past few weeks. The bollinger band seems to be squeezing as a result. A squeeze means a swing in the price is coming. We have to break out of the ascending triangle otherwise, we are not going anywhere.

Wait for breakout and confirmation. Price has to close above $6.45 on the daily.

Target: $7.50 if break out is confirmed.
Otherwise wait for pullback to the EMA55 level at $6.11

Comment:

So we have finally touched the tough resistance at $6.50 again. Let's see whether this support will hold. I believe we have more upwards momentum in the next few days and going into next week.

CMF is still growing positively.
RSI is still in a healthy range.

Comment:

Follow through.

Trade closed.