chart 14/4/2010, page-8

I have to agree with Selmax in relation to how the chart looks. I have been watching VBA recently with an eye to buying in, and had a target entry around 66 based on bullish trendline support, and while price is now there, the chart is looking bearish. A trend is a trend till its broken, so while it closes above 65.5 its still in a longish term uptrend, however if the market turns there will be further downward pressure.

However on the fundamental side of the equation, I have to wonder if the Friday selloff is related to the grounding of air travel in Europe due to the Iceland volcano. If that's the case, then VBA has been unfairly dumped simply because its in the airline industry. Why? Because as far as I know VBA doesnt fly to Europe, only Asia/Pac & US, therefore should be unaffected by that problem (I think its Virgin Atlantic that flies from Europe to here - nothing to do with VBA). In that case we may see buying recover as the market figures that out.

Cheers, Sharks.