Short term Bearish View for AirNZ ,with possible upside long.Short position :Clear Head and shoulder pattern emerging for the daily indicating a big Bear flag,This is most likely due to the 900million injection the government has given to Airnz with its hopes to get travel back mid may-June this unfortunately failed as covid-19 took grip over air NZ travel following months.giving us the big head
and following the second lock down giving us the right shoulder and damaging market psychology of investors.
RSI :even on the right shoulder we couldn't break the 60 RSI and hit heavy resistance indicating bears winning this one
MACD: is indicating a new trend most defiantly Bearish
as for Price action:short term 1.10-1.15 range
as for Long position:Monthly Triangle pattern we can see sideways momentum,and possible big break out by 2022,Maybe around this time the worldwide covid-19 curve will be drastically lessened and the air new Zealand Market can flourish.This overarching triangle pattern will be creating a huge amount of volatility around 2021 in my opinion.
In conclusion while covid19 is still prevelant and mainly the big fumble of the 900million dollar injection in hopes of covid 19 not crippling air travel as thought has caused Airnz short term stocks to continue its bearish trend.Possibly by march 2021 we can see possible uptrend to the market as volatility will increase as it reaches closer to the end of a greater overall market trend.
