Can FastJet really double, or more?

FastJet (LSE:FJET)

It has been a few months since we last looked at FastJet. The price managed to achieve our 13.5p, actually beating it briefly at the open and in the period since, the share has achieved a degree of recovery.

As the chart illustrates, the price has sleepwalked through the downtrend since 2015 and done exactly nothing since. We'd be nervous advocating any near-term rise potentials until such time it starts trading above 19.5p as growth to an initial 24.5p looks about right.

Better still, with closure above 24.5p, there's a strong argument favouring 35p and a period of almost certain stutters.

The chart shows a few previous occasions when the share reached such a level before the trend break occurred, and doubtless selling pressure will slow down any future rise as the folk trapped since June 2016 bail at break-even.

However, we can extrapolate a doubtless distant 65p should the price ever manage to actually close above 35p. Amazingly, this coincides suspiciously neatly with the circled gap.

If trouble is planned, should it find any reason to visit 13.5p again, we'll be inclined to move seats to the upright position, place our head between our legs, and kiss our "a**e goodbye". Bottom is at a best guess 4.1p.

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