Our ALGO engine triggered a buy signal in QAN last Friday at 5.60.
Since posting a 52-week high at $6.53 on October 18th, QAN shares have traded down to a low of $5.57 last Thursday.
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Technically, the share price is still tracking a “higher low” pattern which is bullish and suggests the recent sell off is a correction within a broader uptrend.
the company is currently trading on a P/E of 13X and will likely improve on the FY 17 after tax profit of $853 million announced back in October.
QAN is also one of the ASX companies that will benefit from a weaker Aussie Dollar as inbound tourism is likely to increase.
Over the near-term we are looking the share price to reach the $6.25 area.
QANTAS
