for dad, mapped out important levels on the chart of QAN:ASX
- blue lines are areas where the price “gapped” up or down historically, also proved to be resistance for an entire year across 2015-2016, also made way for the recent bounce off the top of this range last month
- green lines are resistance/support that has been respected multiple times in the trading history of Qantas shares in 1999, 2002, 2017. Price is sitting just under the upper green line meaning it may want to return to the lower green line (10% lower), else needs some additional volume and a retest of the top of this area (similar to what happened with the blue lines) would look quite bullish to the upside targets
- orange line would be the immediate price target based on historical levels (daily, weekly and monthly). if it were to reach this, would likely see a strong reaction from the market with people who bought prices above this in late 2019 - early 2020 cutting losses here and anyone with entry prices below taking profits.
Added possible outcomes:
-blue (outcome 1) would see price go higher with some more volume, retest the top of the current range and hit region marked out with the green box (up 10%) just shy or around the price target of $6.30s.
-red (outcome 2) would see price return to the lower end of the current range (down 10%), with a bearish retest of the upper end of the range (below current levels)
-purple area below chart is the RSI, if it continues to respect the trend that begun in june 2015, it would top out again in the green box and head lower (leading to lower prices).
- another alternative would be to break out, however seems less likely over the course of a 6 year cycle that QAN is currently in. would expect at a best case scenario prices to top out between here and $6.30 before heading lower over the course of the coming months/years or a breakout from this 6-year cycle (would have to rechart to see where that would lead to)
- blue lines are areas where the price “gapped” up or down historically, also proved to be resistance for an entire year across 2015-2016, also made way for the recent bounce off the top of this range last month
- green lines are resistance/support that has been respected multiple times in the trading history of Qantas shares in 1999, 2002, 2017. Price is sitting just under the upper green line meaning it may want to return to the lower green line (10% lower), else needs some additional volume and a retest of the top of this area (similar to what happened with the blue lines) would look quite bullish to the upside targets
- orange line would be the immediate price target based on historical levels (daily, weekly and monthly). if it were to reach this, would likely see a strong reaction from the market with people who bought prices above this in late 2019 - early 2020 cutting losses here and anyone with entry prices below taking profits.
Added possible outcomes:
-blue (outcome 1) would see price go higher with some more volume, retest the top of the current range and hit region marked out with the green box (up 10%) just shy or around the price target of $6.30s.
-red (outcome 2) would see price return to the lower end of the current range (down 10%), with a bearish retest of the upper end of the range (below current levels)
-purple area below chart is the RSI, if it continues to respect the trend that begun in june 2015, it would top out again in the green box and head lower (leading to lower prices).
- another alternative would be to break out, however seems less likely over the course of a 6 year cycle that QAN is currently in. would expect at a best case scenario prices to top out between here and $6.30 before heading lower over the course of the coming months/years or a breakout from this 6-year cycle (would have to rechart to see where that would lead to)