QAN is flying high but is it due to come crashing back down

Potential Sell Alert


QAN – Qantas Airways Limited

Stock : QAN – Qantas Airways Limited

Current Price : 5.71

Status : Looks extended, watching for lower high

QAN has been a favorite for many recently and for good reason….it has rallied hard from mid 2016. Price is extended up into major resistance on a second leg up equal to the initial leg. We see divergence (not a key indicator for us but it is for many) so are now watching closely the reaction up at these highs. The key level is now 5.13 which is the anchor to the leg up. If this comes under pressure then we expect to see some serious profit taking and a move lower. Still early days but on the radar.