AsimMirzaTrader

QAN - Is the pullback Over?

Long
ASX:QAN   QANTAS AIRWAYS LIMITED
QAN had been retracing lower since the last two months and have found support just at the lower edge of the Parallel Channel (Trendline) ($4. 40 - $4.50 Zone), coupled with Above Average Volume and a MACD Cross. It has retraced to exact 50% Fib Retracement and is showing some Bullish Price Action. This Bullish price action off Support suggests that the current pull back may be over and it could move higher to towards the Strong Resistance Zone of $5.20 - $5.30 for a potential 10% gain.

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.


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