Thats interesting --- Here is a piece of technical analysis work...

Thats interesting --- Here is a piece of technical analysis work on the Westpac daily newsletters

Stockwatch
Our weekly stock to watch this week is travel booking company Webjet (ASX:WEB). David Thang, Senior Private Wealth Adviser at Sequoia (ASX:SEQ) rates Webjet as a buy.

From a technical angle, Webjet is bullish for a number of reasons. A zone of support was held between $4.29 and $4.58 as shown by the orange rectangle during the month of May. By mid-May, a bullish doji formed, suggesting an emerging positive sentiment. Upward momentum has gathered traction over the past week, therefore it increases the probability of further upside over the near term. Should this bullish case unfold, the next target zone will be the resistance level, as shown by the horizontal grey lines, which is seen between $6.33 and $6.44. This is made up of the 38.2 per cent and 50 per cent fibonacci retracement levels. Adding to the bull case is the divergence between the share price and the money flow index which is shown by the blue arrows. This occurs when the share price forms a lower low, and the money flow index indicator forms a higher low. Shares in Webjet (ASX:WEB) closed 2.5 per cent lower at $5.06 yesterday.