ASX: QAN Qantas trading in an ascending triangle
Updated
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
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.
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