Even with relatively high volatility, the use of the two Gann Fans and Fibonacci along with MACD indicator - which I normally don't like to use - based on Heikin Ashi log-scaled chart proves to be quite powerful to capture the behavior of AIR price. On the daily chart, the area between 11.52-106.42 is the target after that AIR breaks below the ascending channel....
Expect another support bounce off SMA 20 in next week. Good opportunity for long position to ~34 resistance. Depending on support, stop loss either on 29 support or near ~29.68 (just below SMA 20). SMA20 passed above SMA 50, support 3 times against SMA 20. Bullish engulfing.
Price reached a major resistance . Time to re-short the dead cat bounce .
** Credit Suisse says non-MAX operators such as Delta Air Lines, Spirit Airlines, JetBlue Airways and Alaska Air Group to benefit most from reduced supply levels in the form of higher load factors and fares ** LUV and AAL combined have the highest exposure to MAX fleet in...