JETS is breaking a bear triangle formation channel, with very high volume as seen in chart.
In the chart you can see the next resistance drawn. Which are the 200 and 50 simple moving average.
OBV has been trending higher, making higher lows, and is following the channel drawn.
JETS is an ETF holding airline stocks, its portfolio top 4 holdings and % weight are: LUV (13.66%) - Southwest AAL (12.49%) - American DAL (11.00%) - Delta UAL (10.52%) - United Total= 47.47%
The "Oracle of Omaha" Warren Buffet, said he offloaded its entire stake in the Airlines last month, adding to the sense of crisis around the industry.
We broke the triangle, but are maintaining support. Below $12.2 I would not feel comfortable holding the position short-term.
TargetPrice
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How long do you think it will take in terms of months in order to reach resistance 1 and then resistance 2?
dorfmanmaster
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@TargetPrice, that's a great question. I believe you would have to watch closely for news and volatility in the general market. My guess... we could potentially test the 50sma in 2-3 weeks. To test the 200sma, will possibly take 3-4 months.
We broke the triangle, but are maintaining support. Below $12.2 I would not feel comfortable holding the position short-term.