The West Australia government says Qantas’ 12-month trial of discounted airfares for residents in six regional towns is a response to the launch of a parliamentary inquiry.
The government hopes it will lead to further cheaper intrastate flights. From November, Qantas will offer a discount of between 10 per cent and 30 per cent for residents in FIFO towns Broome, Kalgoorlie, Karratha, Paraburdoo, Port Hedland and Newman to travel to Perth. It will apply to the Qantas-controlled part of return fares, which excludes airport charges, security fees and GST.
Qantas domestic chief executive Andrew David said the six towns were chosen because residents were competing with a very high volume of corporate travel from the resources industry. “The reality is that the per kilometre cost on a small aircraft is significantly higher than a larger aircraft that operates between major cities because the costs are divided by a much higher number of passengers,” he said.
Premier Mark McGowan claimed the scheme was a response to his government’s parliamentary inquiry into regional airfares. “We want to work even harder to attract more tourists to those locations, and obviously this announcement doesn’t exactly deal with that, but it does mean that local residents can look forward to cheaper airfares,” he told reporters on Friday.
The discounts, which will be available on all economy fares except sale fares, will be limited to four return flights per person. Qantas is in discussions with regional airports and councils about further reducing sales charges, which Kalgoorlie-Boulder has already agreed to do. “I would say to the owners of the airports – some are councils, some are private – if you drop the fees you’re imposing on Qantas, local residents will get even cheaper airfares,” Mr McGowan said.
Tourism Minister Paul Papalia acknowledged regional airfares remained prohibitively high, even with the discount. “I’m not saying that these prices are a good thing. What I’m saying is they are better than anything in the last decade,” he said. “I’d like to see something from Virgin now.”
Overall, the bias in prices is: Upwards.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 6.03.
The projected lower bound is: 5.38.
The projected closing price is: 5.70.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 20 black candles for a net of 3 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 35.7142. This is not an overbought or oversold reading. The last signal was a buy 7 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.83. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 37 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -36. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.
Rex Takasugi – TD Profile
QANTAS closed down -0.020 at 5.700. Volume was 39% below average (neutral) and Bollinger Bands were 50% narrower than normal.
Open High Low Close Volume
5.720 5.790 5.670 5.700 6,499,864
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 5.74 5.64 4.36
Volatility: 46 36 30
Volume: 9,973,473 8,811,843 8,860,672
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
QANTAS is currently 30.7% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of QAN.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on QAN.AX and have had this outlook for the last 16 periods.
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