AsimMirzaTrader

QAN - Nothing goes up in a straight line - Buying Opportunity

Short
ASX:QAN   QANTAS AIRWAYS LIMITED
QAN - another stock to suffer during the pandemic, but recent price action has confirmed a reversal by rocketing upwards and forming a higher high.

1. Price has formed a higher high
2. It has formed a Golden Cross
3. Recent sessions' price action, ( Bearish Candles) indicates a pullback
4. I will be confident to buy in the $4.97 - $4.49 region (Buy Zone) as it is the 50% Fib Retracement Zone.
5. There is a gap window between 4.95 - $4.68 region (another confluence of Support)
6. There is a trendline support in the same region which is the third confluence.

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Comment: Price consolidating. Expecting to pull back.
Comment: Daily Bearish Candle formation. Expecting the pull back.
Comment: Price coming to Buy Zone as expected.
Comment: Pull back in progress.
Comment:
Comment: As expected, price has come into the Buy Zone, waiting for a potential Buy Setup, and Bullish Price Action to take a buy position.
Comment:
Comment: As per plan, price has come into the Buy Zone and have showed some Bullish Price Action. Will wait for one more day for a Bullish Price Activity to take a buy position.
Comment:
Comment: Price still consolidating in the Buy Zone. Waiting for Bullish Price Action.
Comment:
Comment: Price has been consolidating in the Buy Zone now, it may or may not come down a bit lower to backtest the trendline support level of $4.50, but in any case, I am bullish QAN and price can take off any day.
Comment:
Comment: QAN has been retracing as expected, but now its in my Buy Zone and also the trendline Support (Confluence). Want to see how it behaves in the coming days. Expecting to bounce, watching closely as it is very close to my Support Zone of $4.40 - $4.50 range.
Comment:
Comment: QAN has pulled back nicely as expected, but now its in my Buy Zone and also the trendline Support (Confluence). RSI is also in the Oversold Zone. Expecting it to bounce off, watching closely as it is very close to my Support Zone of $4.40 - $4.50 range. There is 200 SMA, currently at $4.20, which may provide support as well. If it bounces off, we may see it reach its previous Highs, giving a potential gain of 25%.

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