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Orwell

1,751 Posts.

12

06/04/17

17:45

Post #: 23914713
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Originally posted by Orwell ↑

Eklavya, I put Flight Centre FLT on my long watchlist just the other day. Technically, it's fallen to a really strong support level and is currently holding that so far. So yes it could turn up from here.

However, it hasn't turned up yet.

If you look at a Monthly chart, the February low of $27.69 has to hold. If it breaks below that then you'll know the downtrend has further to run.

If you look at a Weekly chart, there's quite a clear weekly downtrend line from that 18th March 2016 high you should place on your chart. It's still sitting under that line and has to break up through it before I would invest.

I'd also like to see a weekly higher low occurring after that weekly Trend Line breaks.

So yes, technically it's worth watching long, but the new uptrend hasn't confirmed yet. So I would only watch and wait for the moment. Well spotted though.

I haven't researched it's fundamentals.

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Correction, I just realised that FLT formed a Weekly higher low two weeks ago. If next week is a green bar it will also break that down-trend line and you will have your confirmation of a turn up.

I might go long myself if next's week bar is green.

XMD Value at posting: 6,004.6
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