Southwest Airlines (LUV) broke out of a multi-year consolidation in January 2017 and moved up to the $60 level before encountering 2 weeks of selling. Based on a healthy RSI and an unfinished move to the Measure Move target of $63.20, I see the retracement as a potential buy zone.
Target a first entry between $50-51.50 and a 2nd entry around the $48.50 support.
I will update with option pricing as we near the entry targets.
Target a first entry between $50-51.50 and a 2nd entry around the $48.50 support.
I will update with option pricing as we near the entry targets.
Order cancelled:
I'm cancelling this trade idea due to overall weakness in the transports (IYT) and the big move up last week. I believe that this would indicate a 2 leg move down below the breakout level.