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Blog

Technical update 23 February 2018

Violeta Todorova

Corporate Travel Management (CTD) – target reached

In our last update on February 5, 2018 we discussed the likelihood of the price declining in the short term and recommended clients buy the stock around $20.00. The price pulled back to $19.95 and provided a great buying opportunity. The subsequent rally has unfolded over the past few days and our upside price target of $23.00 has been greatly exceeded.

While over the long term, the chart continues to be constructive and we see a possibility of the price rising to $27.00, on a short term basis the stock is overbought which is a good opportunity for active clients to trim positions.

Flight Centre Travel (FLT) – target reached

In our last update on January 21, 2018 we discussed the likelihood of the price breaking above its key resistance and extending its rally to $53.00. Yesterday's price action strongly gapped up and has reached an all-time high of $56.40, greatly exceeding our price target.

Although at this point there is no sign the up trend is reversing, active traders may consider trimming positions as the stock is approaching overbought territory. 

Webjet (WEB) – target reached

In our last update on February 16, 2018 we discussed the likelihood of the price rallying in the short term and recommended clients buy the stock at $9.74. A strong rally has unfolded over the past week and our initial upside price target of $10.60 has been greatly exceeded.

The current price action is approaching its key resistance of $13.19 where initial selling pressure may arise but the weekly chart remains very constructive. Over the long term, levels towards $13.50 are achievable. 

Qantas Airways (QAN) – buy

The correction from the October 2017 high has lost momentum and over the past month the price has been consolidating within the boundaries of a bullish ascending triangle. Thursday's price action broke above its key resistance of $5.37 and has confirmed the pattern.

The potential upside price target based on the breakout is $6.15. Over the long term, levels towards $6.30 are achievable. 

Orora (ORA) – bullish breakout

The rally from the August 0217 low has lost momentum over the past three months and the price has been trading sideways, fluctuating within the boundaries of an imperfect ascending triangle. Thursday's price action broke above its key resistance of $3.42 suggesting that higher price levels are likely to unfold in the months ahead.

The potential upside price target based on the breakout is $3.60.

More information

Morgans clients can login to view all recent technical analysis on companies we cover by browsing the research section and filtering by 'technical analysis' in the Market Updates section. If you are interested in finding out more, please contact your nearest Morgans office.

Disclaimer(s): Analyst may own shares in some or all of the companies mentioned.

The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.