@tony75 Happily shorting against a reckless share buyback that Qantas' balance can ill afford.
Love it. The RSI continues to cross above the MACD indicating it's still bullish.". Who knew investing was that simple? All those clever Insto's and algo's out there and trading is that simple....
Retail love blaming shorters when their exuberant and ill thought trades go belly up. The reality is Qantas has historically had very low levels of shorting (rarely above 2%). I tried ahead of COVID and couldn't (may have just been my broker).
All things equal, Qantas will fall from these levels when a buyer (the company) is no longer in the market, as it no longer will be shortly. Almost done on the buyback.
Don't think it will realistically fall much beyond mid $5's short term. Monetary lag takes a while to kick in. As the higher (40% vs normal 15%) level of Aussie mortgage holders come off fixed rates in 2023/24 and industrial action continues across sectors, that's when the absurdity of excessive cheap monetary conditions for too long post COVID, starts to show in the consumer economy and Qantas' business particularly....and then it starts breaking down below $5 and the foolishness of this buyback shows up in hindsight as usual.
(Its hilarious how the Central Banks ignored monetary lag with low rates and now the market doing the same as they've pushed up. Its finance 101)
QAN Price at posting:
$6.19 Sentiment: Sell Disclosure: Not Held
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