Stock: Corporate Travel Management Ltd (CTD ASX)
Having spent the majority of 2015 firming the $9.00 level as long-term key support, shares in Corporate Travel Management Ltd (CTD) spent the first half of 2016 running up to test new highs around $15.95. By late 2016 the $15.95 level had been taken out leading to a test of $19.00 before price came back to confirm the previous resistance at $15.95 as new support. 2017 saw the uptrend continue as price broke through $19.00 to double test $24.05 creating major resistance at this level in the process. Looking at the second retreat off the $24.05 level, price did not quite make it back to $19.00, forming a series of bullish ‘higher lows’ in the process. A strong surge from the buyers then followed to push price up to the first test of $26.35. A quick retreat off $26.35 saw price fall sharply back to $21.50 which we can now see is confirmed as a key support level and forms the bottom of the buy zone range. The recent bounce off $21.50 has lead to the second test of $26.35 near-term resistance and having now held above $24.05 near-term support, this level forms the top of the buy zone range.
What Does Corporate Travel Management Ltd Do?
Corporate Travel Management Ltd (CTD) is the company whose primary operation began as exactly that, Managing Corporate Travel! It’s all in the name! The company is primarily engaged by other corporate entities to assist with the booking & scheduling of travel arrangements for their staff members. Through the use of technology, CTD is able to save the companies that it works for both money & time. In recent times the company’s offering has expanded to include Sports Travel, Event Travel, Resource Travel & Leisure Travel. Headquartered in Brisbane, Corporate Travel Management Ltd employs in excess of 2200 staff and provides travel arrangement solutions in 70 countries globally.
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The Baron’s Brief – Official Summary
Corporate Travel Management Ltd (CTD) could be one of those stocks that many may not have heard of, spending most of it’s listed life under the radar away from the average investor/trader whilst the likes of Flight Centre (FLT) & Webjet (WEB) have stolen much of the headlines for the listed travel players. Taking a look at the chart it is clear to see that the stock has rewarded anyone who has been on board very handsomely.
The $21.50 level is the line in the sand for CTD to sustain the uptrend. Taking a look back at the chart we can see regular pullbacks of $4-$5 have occurred. With this in mind, The Baron considers a pullback into the buy zone between $21.50 to $24.05 to be an ideal opportunity to get long & join the buyers for the next push north.
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Disclaimer: The information contained in this article has been prepared solely for the entertainment & educational purposes of the reader and does NOT constitute financial or investment advice. Any examples presented in this article are for illustration purposes only. No person, persons or organisation are authorised or permitted by the authors to take any action on the reliance of this information without first consulting an authorised, accredited financial planner or advisor. The authors are entitled, at their sole discretion, to hold positions in the above-mentioned stock/s. The authors accept no responsibility for the accuracy, completeness or timeliness of the information contained in this article. Disclosure – No positions are currently held in CTD – ASX at the time of publishing this article (This is a disclosure and NOT A RECOMMENDATION).