Mid-Cap

One Travel Services Stock Can Face Resistance at the Current Levels - FLT

January 31, 2024 | Team Kalkine
One Travel Services Stock Can Face Resistance at the Current Levels - FLT

FLT:ASX
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (AU$)

Flight Centre Travel Group Ltd (ASX: FLT)SELL at AUD 21.160

Flight Centre Travel Group Ltd (ASX: FLT) provides travel retailing in both the leisure and corporate travel sectors.

As per the previous recommendation on FLT on 15 January 2024, a ‘Hold’ rating was given on the stock at AUD 20.550, and noted below are the details of support and resistance provided in the previous report:

Recommendation Summary as on 15 January 2024

 

FLT Daily Chart

Daily Technical Chart; Source: REFINITIV 

Given its current trading levels, recent rally in the share price, and risks associated, it is prudent to exit at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 21.160, at 3:42 PM AEDT, as of 31 January 2024.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 31 January 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.



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