qan in uptrend since mid jan

Qantas has been steadily rising since reaching the all time lows in early October. An upward trend channel has been developing. The bottom trend line seems pretty well defined, I am still scratching my head where to draw the upper channel line.

For me it became a buy when rising SP crossed the 40SMA line in mid January and remained above it since. The 40SMA line got tested couple of times but so far it always bounced of it and managed to stay above.

For those who wonder if there is more upward pressure in QAN SP, the chart is not much help IMO, but today's news did not hurt gave the SP a good boost. If the All Ord index does not turn bad, QAN could continue to play catch up , as it underperformed the index quite badly, mainly due to the industrial actions, culminating in he grounding of the airline IMO.

For me who is already in the trade, the plan is to take some profit, if SP breaks through $1.90 (25% above my entry) or exit the position if the SP falls bellow the 40SMA line.

Of course I will be monitoring other factors as well, there may be some minor tactical changes to the main strategy, maybe selling some call options against the stock held, let us see what future brings.